After a light bounce towards the end of last week, the pressure is continuing this week for precious metals. Gold is down by 1.4% on the day to $4,030 levels now, with eyes on another potential test of the $4,000 mark incoming.Despite the US and Iran agreeing to a memorandum of understanding, the situation surrounding the Strait of Hormuz remains unclear. Sure, there is some pick up in terms of traffic activity since last week but the devil is in the details. And with constant hostility involving the strait, the supposed "reopening" isn't exactly that straightforward.And the more complicated nature is definitely creating a tricky situation in trying to read into what may happen next. From last week: There's still mud in the waters on how things are playing out with the Strait of HormuzAs such, market participants continue to be worried about the Fed outlook and the possibility of central banks needing to be more hawkish. In turn, that's been a downer for gold and continues to weigh on the precious metal in recent weeks.Piling on to that misery is the more bearish technical backdrop. Gold has already dropped back below both key daily moving averages, reaffirming a more negative bias since the early stages this month.And with a break of the March low near $4,100, the stage is set now for a key test of the psychological support at $4,000.If that gives way, expect another flush and squeeze lower in gold prices as stops get run down. As mentioned before, it might take a "reset" back towards $3,300 to $3,500 for gold to really find stronger appetite for dip buyers to step back in. And even at the lower end of that, the precious metal will still be up by some 60% in the last two-and-a-half years.In the meantime, silver is also suffering a similar fate despite the fundamental backdrop still arguing for strong demand amid the green transition. The precious metal has already dropped by more than half since peaking in January, and may yet see a steeper drop before things start to get better.So far today, silver is down another 2.6% to $57.62 in wiping out the light bounce from Thursday and Friday last week. This article was written by Justin Low at investinglive.com.