The 30-year Treasury rate has risen 25 basis points since the beginning of the month and 45 basis points since mid-July due to a weak bond auction and a rebound in oil prices. The rebound in long-term bond rates has sent the price of gold back up to a major support of 1910 dollars

The price of gold continued to fall this week, returning to test a major support at around $1910 from which it rebounded at the end of June. The ounce of gold has been under pressure from equity markets since the beginning of August due to a recovery in the longest bond rates

This support at $1910 will be crucial for the medium-term outlook, as it corresponds to the lower bound of the descending triangle in which the ounce of gold has been evolving since spring. A fall below $1910 would correspond to an exit from the bottom of the triangle, which would pave the way for a major downturn. The first objective would be for gold to continue falling until the bottom of March at $1811