Gold drops to 1-month lows

• The metal is under pressure amid stronger USD and better sentiment
• Next support lies near $1,300 an ounce

Gold prices fell to their lowest level in a month on Wednesday, weighed by broad based USD strength and higher US Treasury yields. Better sentiment in financial markets also put pressure on safe-haven gold. 

XAU/USD lost more than 20 bucks from session highs and scored a low of $1,311 an ounce, last seen Jan 10. The yellow metal managed to recover slightly and was last trading around $1,313.50 an ounce, down 0.83% on the day. 

Spot gold is posting its second daily decline in a row, and the third in four days. The metal peaked back in January at $1,366 an ounce, its highest level in a year and a half. 

XAU/USD technical levels

As for technical levels, next supports are seen at $1,302, $1.293 and $1,279. On the flip side, resistances could be found at $1,332, $1,350 and $1,366.