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Gold drops towards $2,340 again

Yesterday Gold lifted towards $2,365 after holding a test of the $2,340 level. That was covered in an update here at the time. Gold later closed in the US at $2,361.31. Earlier today, the metal tried to rise above $2,365 again, but stalled at the US closing level. The price action since the European opening has been to the downside and given the rise in US yields last night and today, it was actually quite surprising that Gold did not fall back sooner. Well, it has now and a short while ago it tested that $2,340 level once more. The low seen so far has been set at $2,340.99. So, it remains to be seen if that $2,340 level can hold again, like it did yesterday. Gold is currently trading at $2,343.25

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