Gold sits at over 1-month lows, around $1310 level

   •  USD strength and an uptick in the US bond yields prompt some fresh selling.
   •  Fading safe-haven demand does little to lend any support and stall the downfall.
   •  US ISM PMI to provide some impetus but the focus remains on FOMC and NFP.

Gold remained under some fresh selling pressure for the second consecutive session on Tuesday and is currently placed at over 1-month lows, just above the $1310 region. 

Persistent US Dollar buying interest prompted some fresh selling around dollar-denominated commodities - like gold on Tuesday. Adding to this, a goodish pickup in the US Treasury bond yields, led by rising speculations over a faster Fed monetary policy tightening cycle, kept exerting downward pressure on the non-yielding yellow metal.

Meanwhile, easing geopolitical tensions in the Korean peninsula, coupled with improving risk-appetite did little to revive demand for traditional safe-haven assets and stall the precious metal's fall to its lowest level since March 21. 

The commodity, however, has been finding some decent support near the $1310 area and hence, it would be prudent to wait for a decisive break through the mentioned level before positioning for any additional near-term weakness. 

Moving ahead, today's release of the US ISM manufacturing PMI print for April would now be looked upon for some short-term trading impetus ahead of this week's key event risks, including the highly anticipated FOMC decision and the keenly watched US NFP report.

Technical levels to watch

Weakness below $1310 level is likely to accelerate the slide towards $1307-06 intermediate support en-route the very important 200-day SMA near the $1304 region and the $1300 round figure mark. On the upside, $1315-16 zone, followed by the $1321 region (100-day SMA) might continue to act as an immediate resistance, above which the recovery could get extended towards $1326-27 supply zone.