Lower yields help gold recoverGold fell sharply Friday as risk-off sentiment dominated trading. Today, the focus has shifted toward lower Treasury yields, helping gold recover some of that decline.The U.S. 10-year yield is down 5.0 basis points at 4.87%. Gold typically benefits from falling yields because it pays no interest. When bonds offer a lower return, the opportunity cost of holding gold falls, making the metal relatively more attractive.The rebound is also getting help from a successful test of a key technical support level.Buyers lean against the 100-week moving averageOn the weekly chart, gold tested its 100-week moving average at $3882.35 (see blue line on the chart above). Today’s low slipped just below that level before buyers stepped in and pushed the price higher.Gold is now trading near $3968, just below the session high of $3970.34.The bounce reinforces the importance of the 100-week moving average as a longer-term barometer. As long as the price remains above it, buyers who leaned against that level can stay in the game. A move back below would undermine the rebound and give sellers more control.Reclaimed swing area provides close supportToday’s recovery has also taken gold back above the swing area between $3942 and $3959. That zone defined a series of swing lows from June 24 through July 17 before giving way during Friday’s tumble (see red numbered circles on the chart above).Moving back above the area is a positive step for buyers. They will now want to see support develop within that zone, with $3942 serving as the close risk-defining level.Holding above keeps the recovery intact. A move back below would weaken the buyers’ progress and leave the rebound looking more vulnerable.Hourly moving averages are the next upside testsThe next upside target is the falling 100-hour moving average at $3997.31, near the psychological $4000 level. Above that sits the falling 200-hour moving average at $4023.09.Both moving averages would need to be broken—and stay broken—to increase the bullish bias. Gold has traded below its 200-hour moving average since October 19, making that level a particularly important test.For now, buyers have defended key weekly support and reclaimed a swing area. The next step is to build on those gains by holding above $3942–$3959 and pushing through the hourly moving averages.In the video above, I speak to the technicals that are driving the price of gold in greater detail. This article was written by Greg Michalowski at investinglive.com.