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Gold got the news it needed to rebound but will it last this time?
Earlier today the fall below the low seen yesterday on Gold, at $2,310.10 delivered some downside follow-through. The low seen was set at $2,306.68. It was already rebounding from what looked like a stop-loss driven move to the lows, when the US sales data helped it to recover further. Gold has since spiked close to $2,325 after that news. It has backed off again right now though, but once again, it is a drop in US yields and the USD/JPY that has provided some instant relief. It just now remains to be seen, if that relief will be sustained and gold can get back above a level that has capped the topside for the past couple of days-around 2,327. Gold is currently trading at $2,315.90
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