Gold off lows, back above $1,290

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  • Gold rebounds from near multi-month lows as US yields retreat..
  • Greenback still up for the day, particularity against Emerging Market currencies

Gold managed to hold above $1,286/oz and rebounded during the last hours, rising back above $1,290. The yellow metal reached a fresh daily high at $1,293.

XAU/USD is posting modest daily gains but over the week is down $25 or 2.10%. It is about to post the lowest weekly close since mid-December. The rally in US yields continues to be the main driver. Today the 10-year yield is pulling back after rising during the previous five days and is back below 3.10%, offering support to gold’s up move.

Levels to watch

To the downside, the area above $1,285 is the key short-term support. A break lower would expose $1,280 and below the next strong support is seen at $1,275. On the upside, resistance levels could be located at $1,295, $1,305 and $1,310.

 

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