"The completion of a broad base for 10-year US real yields, as well as a stronger US dollar, should put downward pressure on gold and increase the risk to its high."
According to the bank, gold needs to fall below $1759/54 an ounce to set the stage for a retest of key price and corrective support at $1691/77. Only below this level will there be a key ceiling that will mark an important reversal of the downtrend. Analysts see support first at $1620/$15 and then at $1572/61 an ounce.
A break above $1877 will again be required to allay fears of a high. A break above $1917 is also needed to lock in a more sustained uptrend, possibly to an all-time high at $2075, analysts add.