Gold dropped from 1805 to 1765 on Feb 25 because the 10-years US Bond Yield is going up.
Investors are selling stocks and gold because they are expecting the Fed will raise US interest rate sooner than expected if 10-years US Bond Yield has gone up.
Gold has been sold off around 1810-1811 after Mr. Powell speaking on Feb 23-24. And it is dropping to test the 1756-1758 zone which is an important long term support zone.
Gold will drop further to 1740-1745 or 1695-1700 if gold breaks the 1755-1760 zone successfully. Gold trend is bearish and it may make a correction around the 1755-1760 zone.
The 1755-1758 is the key zone for gold medium term trend. The medium term trend will be bearish if gold drops bellow this zone 1755-1760
Gold Support Zones: 1755-1758, 1740-1745, 1695-1700
Gold Resistant Zones: 1786-1791, 1810-1815
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