Gold remains weak as dollar strengthens.

22/06/2021

The USDJPY pair was up nearly half a percent today as the 10-year yield reclaimed the 1.5% level, sending precious metals lows.

At the time of writing, gold was down half a percent, trading at around 1,775 USD.

Since the bullion is back below the bearish trendline from August and January highs, the outlook seems negative. The critical support is still at around 1,750 USD, where previous lows are seen.

Should the metal drop below that level, stop-losses of long positions will be triggered, potentially sending gold toward the 1,700 USD zone again.

Alternatively, if gold starts rallying again, the first selling area should be expected at today's highs near 1,788 USD, with another major supply zone at around 1,800 USD.
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