Gold Falls to 3315 on Bearish Technicals, Bank of America Warns on July 17

According to Guru Club, Bank of America's technical strategists warned on July 17 that gold's correction this year has further downside risk, with potential targets as low as $3,315 amid a pattern similar to destructive bear markets following 2011 and 1980 peaks.

Analysts cited multiple bearish technical signals: death cross, elevated net long positioning, reversal candle, TD sequence depletion, and RSI at 90—matching historical gold tops. Historical data shows the three major gold bear markets since 1970 each declined at least 50% of their prior gains, suggesting similar losses could drive prices toward $3,315.