Gold fell sharply on Tuesday amid hopes of geopolitical de-escalation at the Ukraine-Russia border and strong US Treasury bond yields. As of 1320 hours GMT, gold in the international market was available at $1,852 per ounce, shedding $19.40. Out of a $19.40 per ounce decrease, +$6.05 was due to the dollar’s weakness and -$25.45 was due to predominant sellers. The price of 10 grams of yellow metal in Pakistan, meanwhile, increased to Rs105,000 after gaining Rs300. Gold in the local market was available at Rs104,700 on Monday last. The increase in local gold prices was due to overnight increase in the global market when the local market was closed. Moreover, rupee’s depreciation against the US dollar during the day also impacted local gold prices negatively. The 10-year US Treasury bond yield went up over 2 percent on Tuesday, weighing on the yellow metal, as risk flows return to markets. Amid hopes of geopolitical de-escalation at the Ukraine-Russia border as reports suggest some Russian troops are returning to their bases following the completion of military drills, risk assets rallied whilst safe-havens, including gold, fell. Market participants took cues from geopolitical developments, which will continue to play a key role in driving the broader market risk sentiment and demand for the safe-haven gold. From a technical perspective, the Relative Strength Index (RSI) on the daily chart has moved on the verge of breaking into the overbought territory and warrants some caution for aggressive bullish traders. On the downside, immediate support is seen at the round level of $1,840. If gold falls below this level, then the support of $1,832 will be tested. A convincing break below the latter might trigger some long-unwinding trade and accelerate the corrective pullback towards the next relevant support near the $1,820 region. On the flip side, the $1,858 seems to be the first resistance for the gold bulls. If gold breaks this resistance, then the next level will be around $1,865. However, some follow-through strength towards next resistance at $1875, which is November’s highs, remains a distinct possibility.