While US Treasury yields are slightly making losses, the Gold extends his lateral movement, started in the late Asian session and which is continuing even in the early London ones.
The precious metal price fund an hurdle at the $ 1.318 level and at the time of writing we are seeing a retracement which is bringing the commodity to trade at the actual $ 1.313 level.
Looking at the movement of the US Treasury, which is closely linked to the Gold price, we can see small one-basis-point losses for the 10, 5 and 2 years, which are not helping the precious metal to maintain his bid tone. Another relevant fact that could affect the upper move of the Gold is the gain of the Asian equity.
Looking at the chart, however, for today, a possible broke of yesterday’s low at 1.309,43 could mean a downside to the 100-DMA at $ 1.305 followed by the round number, $ 1.300.
On the other side, like i said before, the first hurdle to overcome is seen at $ 1.319, already tested, but not broken yet.
Today’s session will be characterized by important event in the US market, like the CPI and the U. of Michigan Confidence index. Without any doubt to keep an eye on!