Gold – bullish break likely on falling bond yields

FX:XAUUSD   Gold Spot / U.S. Dollar
Resistance - $1335.33, $1358.10, $1378

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 Cypher 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.
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