Gold holding gains so far in the New Year

Yesterday the slide in US stocks helped Gold later extend a move that saw it eventually take out the noted 50 day moving average, which was in place then at exactly $2,659. The metal also defied a rebound in the USD/JPY and US yields and seemed to focus more on the slide in US stocks from their earlier highs. However and despite pushing above $2,660, Gold was not able to set a daily close above that 50 day moving average and later ended the US session at $2,657.90. Earlier today it lifted again and reached a new high for the year, at $2,665.29, but it has backed away from that now. Incidentally, that 50 day moving average is still falling and in place right now at $2,658.15. The low seen so far this morning has been set at $2,656.10. Gold is currently trading at $2,659.75