Gold stays pressured on the day as yields creep back higher
Gold slips to a session low of $1,462.50
Price is slipping a little as gold is now down by 0.6% on the day and approaching a test of the 100-hour MA (red line). Buyers will look to lean on that level for some support but a break below that will see sellers gain near-term control instead.
The move lower in gold comes after a bit of a U-turn with bond yields also creeping back up on the session now:
For gold, buyers failed to build on some momentum from earlier in the week as the upside recovery stalled at the 200-hour MA (blue line) in overnight trading.
As such, buyers and sellers are now doing battle in between the 100-hour MA and 200-hour MA to determine where price action will break out next.