Gold ignores ceasefire deal in the Lebanon

Yesterday Gold based out during the Asian session, at $2,605.34. The recovery that followed saw it lift above $2,640 and later close in the US at $2,633.15. The price action today has seen the metal push above $2,640 again and perhaps perversely that further rebound comes despite the news of a ceasefire deal being reached in the Lebanon. Perhaps the more immediate driver for the further upside today has been the slide in the USD/JPY. That has certainly helped it seems. Overall the price action is still sandwiched in between its 100 day moving average (now at 2,568.80) and its 50 day moving average (now at 2,667.85). One thing to note though, which is not especially positive; is the 21 day moving average (now at 2,661.95) has crossed below the 50 day. The range seen so far today has been covered by $2,627.17 to $2,647.30. Gold is currently trading at $2,646.85