Gold slips into lows once more, eyes on $1,315

Gold declines further as the US Dollar stretches to claim more.
Markets are bidding up as earnings beat estimates for US equities.

Joshua Gibson FXStreet

Gold is trading on the low side after falling in Thursday's trading, testing into 1,315.00.

Gold fell into fresh lows for April after the US Dollar kicked up slightly during the American trading session yesterday, even as equities gained on the day with the S&P lifting for a percentage point and the NASDAQ up 1.6%.

The precious metal has come under pressure lately, tumbling from the month's highs and falling back into the lower end of 2018's familiar range as the Greenback gets driven up the charts by increasing US Treasury yields, the USD staging a comeback across the broader FX markets.

Gold levels to watch

With gold falling back into 2018 lows, bears will be targeting the swing lows from 1,310.00 to the 1,300.00 major handle, while bulls will have to climb over resistance at the 50-day EMA near 1,330.00 before making a challenge at the last high around 1,350.00.

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.

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