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Gold tests support below 4,000 as momentum cools
The metal dropped to 4,066.2 before rebounding toward 4,120, with the US 10-year yield stalling near 5.3% and the Gold/Silver ratio turning higher.
Gold prices fell to 4,066.21 before recovering toward 4,120, putting a renewed test under the 4,000 level, according to analysis from Action Forex.
The bearish near-term outlook remains intact while gold trades below the 4,227.85 to 4,245.68 resistance zone, but the setup is becoming less one-sided as downside momentum fades on the 4-hour chart.
Action Forex also pointed to a stalling US 10-year yield around 5.3%, suggesting buyers are showing strong demand at that level and raising the possibility of a corrective pullback in yields.
With the Gold/Silver ratio turning higher, the selloff pressure within precious metals appears to be shifting toward silver rather than gold, though the outlet said the evidence is not enough to call a gold bottom.
Latest closeGold $4,150.40 ▼0.3%|Silver $60.99 ▲1.7%