Gold finds buyers below $2,590 but resistance lies in place above $2,607

The noted slide in Gold prices yesterday saw the metal fall to a low at $2,587.10 right on the 4pm London FX fix. It then rebounded to just above $2,600, before later posting a US close at $2,594.01. Earlier this morning the metal had another look below $2,590 again. That move clearly ran into buying interest again and Gold has lifted back above $2,600 since. As stocks fall there is strong argument for holding gold, but against that is a core reason as to why stocks are falling and that is higher US yields. Of course that is not the only reason, because stocks were long overdue a correction anyway. Nevertheless, the higher US yields are still a headwind beyond the very short term. Whilst looking at that immediate outlook, we should note the price not yet vaulting the 100 day moving average this morning. Indeed that was the case yesterday evening too. That 100 day moving average is in place right now at $2,607.25. The range seen so far today has been covered by $2,589.74 to $2,605.39. So it seems that 100 day is the immediate level to note again this morning. Gold is currently trading at $2,604.25