Long-term Treasury yields continue to move sideways, building a base, with 10-year yields oscillating between 2.0% and 2.6%. Breakout above the 2014 high of 3.0% appears a long way off despite the Fed gradually raising short-term rates. Rising yields increase the opportunity cost of holding gold, reducing demand.
Higher interest rates would be likely to strengthen the Dollar. The bear rally on the Dollar Index has run into resistance at 95. Reversal below the rising trendline at 94 would warn of another test of primary support.