Gold bulls again run out of steam near $1,440

• Gold fades spike to highs near $1,440. 
• The price has pulled back despite softer treasury yields. 

Gold is currently trading at $1,425 per Oz, having hit a session high of $1,438 earlier today. 

This is the second time in nine days that the yellow metal has faded the spike to levels near 1,440. Notably, prices had clocked a high of $1,439 on June 25 before closing the day with marginal gains at $1,424. 

The latest pullback from levels near $1,440 is somewhat confounding, given there are no signs of recovery in the US treasury yields. For instance, the 10-year treasury yield is still trading below 2%, the lowest level since November 2016. 

Also, the Dollar Index, which tracks the value of the greenback against most majors, is largely trading unchanged on the day at 96.70. 

Technically speaking, the sharp pullback from highs near $1,440 indicates bullish exhaustion. A short-term bearish reversal, however, would be confirmed only if the price falls below the recent low of $1,382. 

Pivot levels