Gold slightly off daily lows still under pressure

• Gold heads for lowest close in a month. 
• Stronger US Dollar keeps yellow metal under pressure. 

Gold bottomed earlier today at $1,3180.70/oz and then bounced to the upside, rising back above $1,320. The recovery found resistance at $1,323.45 and it was trading slightly above $1,320. 

Despite moving off lows, gold heads for the lowest close since March 20. After rebounding yesterday, on Wednesday the bearish tone around gold returned and pushed the price below Monday’s low. 

Gold fell in four out of the five trading days, affected by a rally of the US Dollar. The greenback continues to be supported by rising US yields. The 10-year broke above 3.0% for the first time since 2014. US Dollar Index Futures hit 90.97, levels last seen early in March. 

Technical levels 

To the upside, resistance levels might be seen at $1,325, followed by $1,330 and $1,334. On the flip side, supports could be located around $1,318, $1,314 and $1,307.