10-year Treasury yield jumps back above 1.50%

US 10 year yields returned above 1.5% today, putting pressure on the gold market. Yesterday the precious metal tried to recover from last week's losses, but today the sellers are taking the initiative again.

From a technical point of view, gold price briefly jumped above the EMA50, however sellers managed to regain control very quickly. Price also retreated below the upper limit of the 1: 1 structure. According to the Overbalance methodology this indicates a continuation of the downward move. In order to negate the bearish scenario, the price would have to break above the resistance zone around $ 1,787.5 - $ 1,793.

Gold interval H1. Source: xStation5