Gold is coming under renewed pressure today, with prices sliding back towards the lows from last week and threatening another technical break lower.The main culprit is once again the bond market. 10-year Treasury yields are now climbing to 5.15%, after surging roughly 15 bps yesterday following stronger US economic data. A poor Treasury auction also did not help with the situation. And that puts yields at their highest level since 2007 and is unsurprisingly making life difficult for gold.The precious metal is one that does not pay a yield. So naturally, the higher the risk-free rate climbs, the greater the opportunity cost of holding gold. As such, more hawkish Fed expectations that the central bank could tighten policy further is only adding another layer of pressure on gold since last week.From a technical perspective, the latest drop is putting gold at an interesting spot on the chart.Gold has slipped below the $4,300 region as well as its 100-day moving average (red line) once again. That now puts price to the test of the 61.8 Fib retracement of the swing higher from July to September near $4,241. That also coincides with the swing low from last week. As such, that is the first key level I would be watching closely from here.A clean break below could expose gold to further declines with little standing in the way of a push towards the psychologically important $4,000 level next.On the flipside, buyers will want to see gold reclaim $4,300 to $4,328 region first. That will be the first reversal spot before any talk of a push toward $4,400 again.For now though, the bigger question is where bond yields go next. That remains the tail wagging the dog across broader markets at the moment.As long as the 10-year Treasury yields stay above 5% and continues threatening fresh highs, gold is going to find it difficult to build any upside momentum. This article was written by Justin Low at investinglive.com.