Gold down 17% in 3 weeks

But there are currently no signs of a bottom, and there's likely much more downside ahead.
Why?
1. Strong US dollar
2. Rising US Treasury yields
3. Rate cut expectations shattered
4. Oil prices still rallying
Today's market is no longer about buying gold as a safe haven—it's about using cash as the safe haven, and the US dollar is the best safe haven cash. US Treasury yields have reached 5% annualized.
So gold's first target on the downside is 4300, second target 4200, and in an extreme scenario could even break below 4000.
Now is not the time to heavily accumulate gold at the bottom.