One didn't go gently into the night, and the other went a little too easily.

Gold and Bonds have had uneasy nights. Bonds much more so, as Gold only recently became volatile, and remains within a pre-defined range.

Gold has been challenging its 1182.70 sell signal. Its break would target a retest of the prior leg's 1170.00-1174.00 target to 1161.50-1164.00, if not also extend to 1150.00-1154.00.

Yesterday's test of 1182.70 was being overlapped into the close, which was under 1187.00, keeping it in-play. a $12-13 spike up 90 minutes ago has put the range's 1194.50 resistance into play.

Recovering 1194.50 would only undermine the decline. A bottom would be signaled by closing above 1201.50. That said, not reversing back under 1187.00 this morning would at least begin to undermine the decline.

Bonds, meanwhile, had rallied last week from testing 153-10 back up to 157-00. That was obviously too much, too quickly, requiring at least a correction down to 154-30. Under 154-16 signaled that was extending into a retest of 153-10, potentially down to 152-20. 

153-10 and 152-20 did not hold, and new lows overnight are testing 151-16. 

That may seem excessive, and perhaps it is -- if only for the near-term. But the decline's traction remains intact so long as bounces hold 152-13, with potential down to 149-22. Back above 152-26/152-28 would signal a bigger bounce underway targeting 154-16.