Gold extends fall below 50 day moving average

As covered in earlier updates here, the combination of higher US yields and a firmer USD/JPY did push gold below a technical support level, in place earlier at $2,670.75. That was the price point of the 50 day moving average and the breakdown below this level has now seen Gold fall further. The metal has now dropped below $2,660 this afternoon. In contrast to what we saw earlier this week on most days, Gold has reacted to the more usual dynamics and that also suggests the potential Central Bank buying may have dried up for the time being. There is of course no telling when it might resume and more usually those players will look to catch the markets off guard. So, in the absence of that right now, Gold has fallen back to $2,659.04. It is just rebounding off the low now though, currently trading at $2,662.10