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Gold extends gains to above $2,645
In the past few minutes Gold has reversed an initial drop back towards $2,632 per ounce and jumped more than $10 higher in what was quite a rapid move. The jump higher reached a new session high at $2,646.35. It is not clear what exactly caused the move, but it could have come from a slight fall in US bond yields. Also French OATS and German Bunds have also risen, leading to lower yields. All those moves added together seemed to have helped the move higher in Gold. The next technical level of note on the topside is the 50 day moving average, in place right now at exactly $2,659. Gold has not traded back above this moving average since December 13. The metal is currently trading at $2,644.50
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