Gold is down by 0.5% on the day

Gold vs USGG10YR

The flow out of bonds is not really impacting currencies all too much to start the day but it is certainly keeping the pressure on gold as we start the week.

Gold is now trading at the lows for the day as price creeps back under the 100-hour MA @ $1,458.30. In the bigger picture, watch out for any firm run below $1,450 as that could set off the next meaningful run in gold.

In any case, just be wary of the seasonal gold trade towards the latter half of the month.