Support - $1328, $1320.67, $1310
- Falling bond yields across the globe continues to support gold prices. Even the EM/Asian bond yields are taking a hit. Taiwan 10-yr government bonds declined to a record low of 0.7246% today. Japanese bond yields slipped further to record lows, especially at the short-end of the curve.
- Consequently, the metal could see a day end closing above $1328 (expanding channel breakout). Such a move would signal a continuation of the rally from the December lows and open doors for a rise to Leg C at $1378 levels.
- On the other hand, a failure to stay above $1328 followed by a break below $1320.67 (23.6% of May low-June high) today could yield a drop below $1300 levels.