Gold defies US yields and dollar rebound

As the USD/JPY pushed above 152 earlier today and US yields rose, one might be forgiven for thinking that gold might have fallen back. Well, it did not. In fact, it did the exact opposite. Gold had set a synthetic US close last night at $2,896.56. The price action so far today has seen the metal rise above $2,915. That said, it has not broken any fresh ground in terms of the range seen over the past few trading days and the records it reached last week. So, despite rejecting a confirmation of a double top being set in place above $2,940 for the time being that prospect remains live. However, it will still require the metal to fall below $2,864 from here on, without rising back above $2,942.68 first. To be honest with you, it looks like both scenarios are on the table right now, but as you can see, Gold buyers have returned to the fray so far today. The metal is right now at $2,914.60