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Gold holding up well this morning

Gold did eventually manage to rise yesterday afternoon and once that move lifted above a previous interim high around $2,040, the metal accelerated moderately. Gold later traded to a session high at $2,050.75. It did back off as the USD/JPY recovered but, since then and so far today, it has not fallen back below that 2,040 level, despite a a further rebound in the USD/JPY this morning. The reason for that is seemingly because US treasury yields are no higher yet today. Gold closed the month out last might at $2,044.30. The range seen so far today has been covered by 2,042.90 to 2,048.90. So we have support right now at 2,040 and resistance just above 2,050. Gold is just now trading at $2,047.15
 

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