Gold looking for a foothold after returning to lows near $1,320
- Gold is once again trading into lows.
- Dedicated gold buyers are struggling to develop momentum to get Gold climbing out of 2018's consolidation trap.
Gold is fumbling along the bottom near 1,320.00 after dipping lower yesterday. US Treasury yields continue to advance, and the 10-year Treasury has broken over the key 3% yield mark, sending the precious metal back into familiar lows that have been plaguing Gold since January.
The recent spike in US Treasury yields took Gold down from the 1,350.00 region, as buyers have so far been unable to stage a successful capture of the 1,360.00 mark. Adding further momentum to the slide has been the Dollar's bolstering by Treasury yields, and the spiking Dollar has been punishing the precious metal lately.
Gold levels to watch
Gold is currently trading near 1,323.40 in the Asia session, and the goal for buyers will be to put in a floor at 1,320.00 and attempt to stage a recovery back into the current consolidation range's highs, but must first break through resistance at the last swing high of 1,332.00 and the 50.0 Fibo level near 1,340.00. Sellers will be looking for a break of the current lows to send Gold plunging into February's lows near the key 1,300.00 handle.
Author
Joshua Gibson
FXStreet
Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.
