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Gold feels more heat as US yields edge a little higher

Gold has just now fallen to fresh session lows, as it approaches $1,960 per ounce. The drop has come as US yields edge a little higher and there is further evidence of stale longs being forced to bale out. The low seen so far has just now been set at $1,960.95 and the reader is again reminded of the potential for a test of the current 21 day moving average to be put to the test. That level was highlighted here earlier this morning and comes into play at just above $1,956. Once again, the emphasis here is not to say that gold will definitely reach this level, but more to point out where it is and how the price action is moving in that direction again just now. Gold is currently trading $1,961.45

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