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Gold holding its own for the time being

Yesterday an update here on Gold noted the initial rejection of its 21 day moving average. The metal pretty much nailed that, when it rose to 1,964.95. Another attempt on that unfolded after the European close and gold rose to 1,965.64, but despite edging past the 21 day moving average, it did not sustain the move and besides it looked more stop-loss driven than anything else. Gold then fell back into the US close, ending that session at 1,958.55. It has not made much progress so far today. The range has been covered by 1,953.81 to 1,960.85. The 21 day moving average is still rising and in place right now at 1,968.95. Lower down the 200 day is still guarding the base, now at 1,934.85. The noted Fibonacci support remains as it was yesterday, at 1,933.43. Given the rise in US yields and the USD/JPY, since this time yesterday morning, gold is actually hanging in there quite well so far today, currently trading at $1,956.40 
 

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