Hawkish Fed expectations, rising US bond yields, stronger USD exert pressure on Gold which hits two weeks low today. It is currently trading near $1636. The USD maintains its strong bid tone and seems rather unaffected by mixed US housing market data. It suggests that the path for the XAUUSD is to the downside. Gold below $1690 - $1677 has reinforced its existing large ‘double top’. We expect gold to come under renewed pressure. A slide back towards the yearly low, $1615 area, remains a possibility. We are looking to go short below $1650 supply area with targets $1626 and $1620.
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