Gold tumbles nearly $100, slips to lowest since August 18

Gold has lost nearly $100 on the day, with the price hovering around $4353 after hitting a low of $4326.38 during the session. The drop has brought the metal back under its 100-day moving average, currently at $4379.81, strengthening the sellers' hand.

Gold had last traded above this moving average on August 19. In the prior session, buyers tested the level and prompted a rebound to $4464. But when the level was tested a second time, the outcome was different. Buyers were unable to defend support, allowing sellers to break through.

The 100-day moving average is now the critical indicator. Buyers must return and remain above that level at $4379.81 to regain control. Until they do, the breakdown keeps sellers in command.

The next downside target is the 50% midpoint at $4319.75, with subsequent support at the August 10 and August 14 lows around $4310.61. A fall below both would pave the way for additional declines.

Buyers had their opportunity in the prior session. Now, they must reclaim the breached support to shift the technical outlook in their favor.

US yields are rising, the US dollar is gaining ground, and crude oil prices are up by more than $3.80. All of these factors are weighing on gold.