ETFs start a new wave of gold selling and with its gold price takes another hit while some of the investors, however small, start to replace gold positions with bitcoin as the price swings around $50000. Some of the other reasons for gold’s reluctance of increasing are dollar index surge and bond rates’ faster increase relative to inflation expectations.

Gold is testing key long-term support, 1765 to the downside. Weekly closes below this level are risky for bulls. For a possible bear trap, %38.2 Fibonacci level, 1725 can be followed as short-term support below 1765, if XAUUSD manages to break it.

1765 is a key medium and short-term support as well. In the short-term, it is the “D” level of a possible bullish ABCD. If the price reverses to the upside from here, the bearish trend channel’s upper line may be going to be key for bulls to reawaken.