Gold falls $23 to the lowest since March

<p>Yesterday I <a href="https://www.forexlive.com/news/gold-doesnt-like-the-sound-of-more-fed-hikes-nears-a-one-month-low-20230926/" target="_blank" rel="follow">wrote</a>:</p><p> A fall below $1900 would be a one-month low but the real level to watch
is $1884. If that gives way, there isn't much support until the low
$1800s.</p><p>It's given way now with gold down $23 to $1876. That paints a bleak technical picture as Treasury yields continue to rise.</p><p>The drop today extends a series of lower highs and lower lows since May. I don't see much for the gold bulls to cling to on the chart and 10s at 4.58% offer a compelling alternative to gold (or 3-month bills at 5.48% if you're so inclined). </p><p>When the Fed starts signaling rate cuts or the economy starts to significantly slow, gold offers lots of upside but there is no need to catch the falling knife here.</p>

This article was written by Adam Button at www.forexlive.com.