Gold remains bearish, poised to drop below 1,800 USD again.

16/02/2021

Gold has been down for four consecutive days, and it looks like the recent rally to tag the 200-day moving average is over, with further losses likely over the following few days. 

On Tuesday, the metal was down 1% and was trading just above the 1,800 USD threshold during the US session. 

The following support is at 1,800 USD, and it might be broken down very soon. Another demand zone could probably be at February lows near 1,785 USD.

The last defense will be held at November lows of 1,765 USD, and if that support is taken out, the bullion might drop to 1,660 USD. 

Alternatively, if gold starts rallying, the first resistance is expected at 1,825 USD, with any rallies probably a good way for bears to enter new shorts. 

US yields continue spiking higher, which is, of course, negative for precious metals. Many analysts and traders have already said that gold topped and in August, and we will only see downside from now on. It certainly looks that way. 
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