Mar 31, 2021 Guest(s): Jim Wyckoff Market Analyst and Columnist
Treasury yields have risen to a 14-month high, boosting the U.S. dollar, which in turn has put downward pressure on gold.
Jim Wyckoff, senior market analyst for Kitco News, said that the short-term technical indicators for gold have deteriorated.
"We hit a new 3-week low today [Tuesday] in the gold market. We've got some very strong chart support at the March low of $1,673 and change. If we drop below that level, you open a door to a channel to $1,600. Gold needs to strongly defend that March low and if it can't, there's going to be more significantly more downside likely," he said.