Gold has been attempting to form a baseline level of support over the last three trading days and finished fractionally higher in trading today.
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It’s not just about the Benjamins, it’s also about higher bond yields today. Trading to its lowest price this year, gold continues to struggle while a strengthening U.S. dollar, coupled with higher yields, continues to create fierce headwinds.
For the first time this year, gold has broken below the key psychological level of $1,300 per ounce. This year began already deeply entrenched in a dynamic rally which took gold pricing from $1,238 per ounce to $1,365 by the end of January.