Gold falls $23 to the lowest since March

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Yesterday I wrote:

A fall below $1900 would be a one-month low but the real level to watch
is $1884. If that gives way, there isn’t much support until the low

It’s given way now with gold down $23 to $1876. That paints a bleak technical picture as Treasury yields continue to rise.

Gold daily

The drop today extends a series of lower highs and lower lows since May. I don’t see much for the gold bulls to cling to on the chart and 10s at 4.58% offer a compelling alternative to gold (or 3-month bills at 5.48% if you’re so inclined).

When the Fed starts signaling rate cuts or the economy starts to significantly slow, gold offers lots of upside but there is no need to catch the falling knife here.