Gold prices fell slightly today, following yesterday's strong rally, as the yellow metal hitting a 10-week high of $ 1226.28 per ounce, up by 3%, its biggest daily gain in two years.
As global equity markets continued to fall, and bond yields rose, investors were wary and headed to safe havens. Also, continuing rate hikes and bonds yields rising still to be a source of concern for gold, as rising rates and higher bond yields lead to lower demand for gold.
On the daily chart, gold managed to break a downtrend line as well as surpassing a sideways trading area and currently trading at $ 1219 per ounce. Prices are expected to target $ 1238 and then $ 1265 per ounce.
