Gold stays pressured on the day as yields creep back higher

Technical Analysis

Author: Justin Low | gold

Gold slips to a session low of $1,462.50

Gold H1 15-11
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:

Gold vs USGG10YR
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.

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