Spot gold changed course after hitting a multi-month high of $1,974.40 a troy ounce and plummeted to $1,877.96, now bouncing modestly from the latter. The bright metal began shedding ground heading into the US opening, accelerating its slide afterwards. A recovery in Wall Street put the final nail on gold's coffin and pushed it below the 1,900 level. Stocks cheered comments from US President Joe Biden, who announced several aggressive international sanctions on Russian people and institutions. 

Gold trades near a fresh weekly low and the near term picture hints at another leg south, mainly on a break below the aforementioned daily low.