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Gold direction lacks certainty this morning

Yesterday gold lifted to a high at $2,326.62 following the lower than expected US PPI report. However, it was simply unable to hold that gain and once it fell back below the $2.314 level again, the metal was in a spot of bother. That led the price to test and then fall below the $2,300 handle, as US yields rebounded from their earlier lows. Gold fell to a low at $2,295.68 just after the 4pm London FX fix. It did rebound from there though and later closed in the US at $2,304.21. Despite further Yen weakness this morning following the BOJ monetary policy decision, Gold has not fallen back much yet today. However, given its performance yesterday and overall lack of traction, the future looks rather uncertain this morning. The range seen so far has been covered by $2,301.61 to $2,311.63. It is currently trading at $2,310.35

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