Gold’s bullish reaction on the Sunday open to Good Friday’s disappointing non-farm payrolls figures seems like a distant afterthought now. Gold failed to break through the triple top at $1,224 on Monday and has now sold off for three consecutive trading sessions. The Fed minutes were largely interpreted as bearish by gold investors this week. It showed that members are divided on the timing of a rate rise with a few wanting an increase in June. The USD has continued its March higher this week which is weighing on the precious metals complex. Over the past three weeks, the euro has tested and failed at the 1.10 area on six separate occasions. Its latest failure this week encouraged short sellers to add to positions and it looks poised to retest 1.05, a level that before a few weeks ago it hadn’t touched since 2003. Gold is looking heavy and doesn’t have much technical support until $1,180. Silver has rolled over with gold and is down today for the fourth consecutive session. The psychological area of $16 may provide short term support.