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Gold edging higher again as US yields slip

Yesterday Gold was unable to sustain a move above its 21 and 50 day moving averages yesterday and fell back from a session high at $2,037.56. Gold fell back to a low at 2,020.65 just ahead of the 4pm London FX fix. So, you can clearly see the impact the higher dollar had on the metal for that event. However, as the dollar gave back those gains into the US close, gold rebounded off that low and later closed in the US at $2,033.23. That close was above those noted moving averages and in that sense a positive for the metal. It has made some modest progress so far this morning too, as those US treasury yields and the USD/JPY drop back. That has taken gold to session highs as I type this update, but it is yet to surpass the highs seen yesterday. Perhaps it will in due course. We shall see. Gold is currently trading at $2,036.80 

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