Gold slides further below $1300/oz, down more than $20

Gold extends slide under $1,300 as US yields hits highest since 2011..
XAU/USD drops 2%, having worst day in weeks

Matías Salord FXStreet

Gold continues to slide during the American session despite the release of the US Dollar Index. The yellow metal printed a fresh 4-month low at $1,288/oz and then rebounded modestly. It was hovering around $1,291 down more than $20 for the day, having the worst performance since mid-April.

A stronger US Dollar and technical factors pushed gold sharply to the downside. The greenback was rising significantly in the market and gained more strength after the release of US retail sales data. The DXY peaked at 93.28, reaching the highest since December 19. Then moved modestly off daily highs. The main driver of USD strength were US yields. The 10-year rose to 3.08 %, the highest level since 2011.

XAU/USD Technical levels

The breakout below $1,300 added more bearish pressure. The area near $1,305 capped the decline back in March and several times in May. It is also a round number adding to the relevance. If the pair ends at current levels, it would be first below $1,300 since the beginning of the year.

To the downside, immediate support is seen at $1,288 followed by $1,280/81 and $1,275. On the upside, resistance levels could be located at $1,302 (May 1 low), $1,310 (May 10 low) and $1,318 (May 11 low).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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