Gold takes a run higher, changes its mind and hits back into $1,315

• Gold jumps higher on the US Dollar's short pause, falls back again as USD buying resumes.
• Gold's recovery is beginning to face challenges as the US DOllar keeps the precious metal under pressure.

Gold is whipping on Monday, kicking off the week with a quick spike to 1,319.00 before sinking back into 1,315.00 ahead of the European market session.

The US Dollar has temporarily paused its broad rally, and Gold kicked higher as a result, but the Greenback recovery spooled up once again in the Asia session and Gold is stooping lower once again. 

The main driver in Gold markets continues to be the Greenback, and while the recent Dollar surge was tied to climbing US Treasury yields, the bullish trend appears to have set in for the USD, and further declines for Gold could be on the cards if the Dollar buying continues.

Gold levels to watch

Gold is trying to stage a recovery after plummeting against the Dollar into the 200-day SMA at 1,300.00 from an April high of 1,365.20. a correction to the 50.0 Fibo level at 1,330.00 could see a continuation of the bearish collapse, but a successful correction will also bring Gold back into 2018's consolidation range, and the 50-day EMA could provide support from 1,325.00.