Gold fell 0.2% to $4,284.89 an ounce in early Asian trade as rising global bond yields reduced the appeal of the nonyielding metal as an inflation hedge, according to YCC Capital. The next major test is the Federal Reserve’s policy decision, the first meeting under Warsh’s leadership at which a rate change is widely anticipated. Trade Nation’s David Morrison said technical indicators still point to downside momentum and that gold could retest $4,200, although the dollar’s performance over the coming days will be important. Morrison also said investors could be caught off guard because of the Fed Chair’s dislike of forward guidance, though he described that possibility as unlikely.