Gold and other precious metals moved higher during the European morning trade but have given back most of the gains since. Gold tested 2-month high in the $1,960 area but failed to break above it. The US 10-year yield has hit 1% for the first time since March today and it may serve as a drag on the precious metals rally. Gold trades flat on the day and around $10 below daily highs.
Gold failed to break above 61.8% retracement of August-November decline in the $1,960 area. The zone marks a 2-month high for the precious metal. Source: xStation5
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