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Gold hits session low as US yield rise further
Since my last update here on Gold, the price has fallen further and not long ago hit a fresh session low at 1,971.11. The reason for the drop has nothing to do with the price action in the USD/JPY at the moment, it is all about US yields. That is the immediate focus for the metal it seems. This yields have risen to session highs just now too and that has coincided with the drop back in Gold. The US 2 Year note has touched 4.92% a short while ago. That has not forced gold to fall below its 21 day moving average (currently at 1974.10). That could have tripped a few stops too. Gold is just now trading at 1,971.35
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