U.S. dollar is losing some ground against a broad basket of currencies in a volatile trading session. However, the American currency managed to rebound from session lows, supported by higher Treasury yields. As a result, dollar’s dynamics were neutral for gold markets today.

Gold failed to settle above the $4200 level and pulled back below the support at $4160 – $4180. In case gold stays below the $4160 level, it will head towards the next support, which is located in the $4000 – $4020 range.

On the upside, a move above the $4200 level will push gold towards the resistance level at $4300 – $4320.