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Gold held in check for the time being

US 10 Year Treasury yields are not moving right now, with the yield stuck at 3.88%. US 2 Year yields are a little higher this morning though, currently at 4.22% and that is acting as a brake on Gold. It is also supporting the USD/JPY to a lesser degree, although the dollar is well off its earlier high now. That was at 146.80. The USD/JPY is currently trading close to 146.50. Meantime, Gold which shot to a new high on the week yesterday, at $2,065.50 In fact that was its highest level since peaking on January 2, at $2,078.90. However, it was unable to hold all the gain into the close last night and ended the session at 2,054.99. It has pretty much traded around that close so far this morning. The range seen has been covered by 2,052 to 2,056.96. The US jobs report is now some 90 minutes away and that is what is potentially going to shift the metal again. Meanwhile, those US yields are keeping it in check, but where those head to this afternoon, gold is surely going to follow. It is currently trading at $2,055.75 

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