Gold down $9
Gold broke through last week’s low of $1321 as it sinks to a session low and the worst since February 15.
The US dollar is getting a broad lift from rising Treasury yields and month-end flows. Gold isn’t responding to turmoil in India-Pakistan and is at the tail end of a long seasonal run up.
Technically, the break below the Feb 21 low clears the way for a fall back to $1302, especially if we see a close down at these levels. The risk is that the India-Pakistan battle flares up further or a heavier round of risk aversion hits and pushes US yields lower.