Gold holds on well but can it last? Prices slip in Asia today

On Friday afternoon Gold dropped back to a low at $2,027.91. Ahead of the US monthly jobs report the metal had traded as high as $2,057.69. However, and despite falling back on the firmer USD/JPY and sharply higher US yields, gold managed to claw back some lost ground into the weekly close. Gold ended the session at $2,039.76. Of course that was a lower close on the day (previous close was set at 2,054.99), but given the moves in the Yen and yields it could easily have been worse. It was also a weekly close above its 50 and 21 day moving averages (in place then at 2,032.57 and 2,031.38 respectively). There can be no doubt that Mid East tensions are still delivering demand for Gold, but if those US yields keep backing up, then further downside risks will  surely increase. Overnight Gold has fallen back and that is because those US yields have backed up further and now the 2 Year note is above 4.40% this morning. That has taken a toll on the metal and pushed in back underneath the 21 and 50 day moving averages again. The low seen has been set at $2,027, from an earlier high at $2,042.33. Gold is currently trading at $2,030.30