• Gold's price action is worrisome for dip-buyers, where risks increasingly lean towards a clean break of $4100

• Rebound attempts have failed to be sustained, underscoring the bearish skew

• A break below $4100 opens the door to a sub-$4000 move. YTD low at $3944

• Initial resistance at $4220 (trendline from the ATH), followed by $4267 (100DMA) and $4306 (55DMA)

• Technically, a close above the 55DMA would negate the current bearish setup

• With the USD firm and UST yields showing little signs of a reversal, gold's topside remains capped

• A light data calendar means external factors should continue to drive the action

• Fed speakers remain key, with Fed Governor Waller due to speak Thursday
Gold daily chart

Justin McQueen is a Reuters market analyst. (The views expressed are his own). ((Email: ))