Gold consolidates gains

Yesterday the noted break above its 50 day moving average eventually delivered a rise close to $2,365 for Gold. The metal later closed in the US at $2,356.20. It has consolidated that move so far today, with the range seen in Asia covered by $2,355.20 to $2,362.56, but it is right now closer to session lows than it is to the high. The price action suggest the metal is consolidating the upside breakout seen yesterday and of course the weaker dollar (generally speaking) and lower US yields are feeding that consolidation. The US 2 year note is now yielding around 4.70%, as of the close in that market last night. The US treasury markets will not be trading today owing to the US holiday. Gold is currently trading at $2,355.30