Gold pulls back from $1,730 resistance and resumes downtrend
Gold managed to catch some breath in the first half of the week as US yields pulled back. However, as US 10-year yields have once again jumped to the 1.60% mark, gold once again has found itself under pressure. Price failed to break above the resistance zone ranging above $1,730 and painted a pin bar pattern in the area. Precious metals resumed a downward move today and is looking towards the $1,700 mark. The near-term support to watch can be found at $1,680, where the lower limit of the downward channel and previous price reactions can be found.
Gold fails to break above $1,730 and resumes downward move. Source: xStation5
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