We wondered about this last week.
With the air being let out of the Treasury mini-bubble, would gold and the yen come in for some selling as well? The yen has been especially tightly correlated with Treasuries, and gold has tendencies to trade in similar directions, for similar reasons (though not as tightly).
Analysis from DecisionPoint posted at PragCap argues that the technicals are now looking ugly for gold, and though in the long-term gold may trade based on big secular trends, in the short-term, gold watchers are inclined to focus on charts, etc.
Looking at the daily chart of closing prices for NY spot gold we can see that a rising wedge has formed. This is a bearish formation because it normally resolves to the downside, meaning price drops down through the bottom of the wedge. Supporting this expectation is the fact that the PMO (Price Momentum Oscillator) topped on Thursday, and the PMO has made lower highs compared to higher price highs, forming a negative divergence. The daily PMO has topped, suggesting the possibility of a short-term price decline.