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Gold holds on bravely despite higher US yields

The ongoing reaction to the Fed monetary policy decision this evening has seen the front end of the US yield curve rise. The US 2 Year note yield is now at its highest level of the year to date and its highest since 2007 by the looks of it. That yield has just lifted to 5.12% and that is what has supported the rebound in the USD/JPY, to back above 148. At the same time, it has dented the rebound in Gold. Now earlier gold rose to as high as $1,947.47 after it busted above its 100 day moving average. It has now ceded some of that rise and dropped back towards 1,940 and below that moving average. However, when all is considered it has actually held its ground quite well. The question now, as Jerome Powell is about to start his post decision press conference; is will it continue to do so? Gold is just now trading at $1,942.80
 

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