Gold Price Crashes to Fresh Monthly Low Ahead of NFP

Gold prices tumbled at the start of this week, continuing their decline despite a softer-than-expected Core PCE report. The metal had previously shown resilience in the face of surging Treasury yields, but Monday's drop suggests sellers are gaining momentum.

The bears have been consistently hitting pullbacks, setting up gold for its next major test: Non-Farm Payrolls (NFP) on Friday. If sellers can force a break below $4100, they may re-test the hardened support at the $4k level.

On shorter time frames, a bear flag formation had been building, and sellers have pushed below it, opening the door for a re-test of the lows. The $4100 level, which previously set resistance in July, now stands as key support beneath $4000.