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Gold holding below $2000 so far today

As gold fell back below $2,000 per ounce yesterday afternoon, an update here noted the likelihood that it would test a lower support level. That was in place then at $1,989.29. Well, it came close to doing that last night, but in the event the proximity of that support seemed to stem the fall ahead of the US close. Gold ended in the US last night at $1,993.15. However, earlier today the metal did test that 100 day moving average and dip just a few cents below it. The low seen earlier in Asian trading was set at $1,988.95. The jump in the USD/JPY and US yields were once again the drivers for the fall in Gold and those dynamics are largely unchanged right now and that explains the lack of any rebound so far today. Gold is currently trading at $1,992.65

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