Gold Gets Trounced, and Yields Rise in Fear of ... a December Rate Hike?

Purely from a big picture, technical perspective, all of the weakness in Gold off of its July high at $1375.53 has carved out a corrective pattern into today's low at $1281.98 (so far), which we notice has returned the price structure into the area of its May-June support and upside breakout zone at $1200-$1300.

In addition, $1200 to $1300 represents multi-month support stretching back to mid-2014!

Right now, I am viewing current weakness as flush-out of entrenched longs ahead of another upleg in the Gold bull phase that began at the Dec 3, 2015, low of $1046.20.

What about the perceived rise in rates on the long end being a dampening factor for Gold?

The pattern of 10-year YIELD off of its July low at 1.32% looks corrective into its recent high at 1.75%, which means that in the absence of a climb above 1.75%, YIELD is more likely to pivot to the downside again in a retest of 1.32%.

Perhaps the reaction of the markets to this Friday's Jobs Report will be the directional catalyst for YIELD, and by inference, for Gold too?