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Gold lifts from earlier session lows ahead of the European opening

Yesterday afternoon, as the dollar and US yields fell back sharply, that was the green light that Gold needed to make a move higher. Indeed, that is what it did, rising from an immediate low at $1,941.82, to above 1,970 as the US stock markets reopened sharply higher. The high seen was set at 1,970.94. The metal did later drop back to around 1,961.75, before later posting a US close at 1,964.29. The price is pushing higher again right now, lifting from an earlier Asian low at 1,961.63. The nearest potential resistance point of note this side of 2k could be the 21 day moving average. That is in place right now at 1973.10 and as you can see it capped the topside yesterday. Gold will be tracking those US yields and the USD/JPY again today and one reason for the earlier Asian low could rest with a rebound in the USD/JPY, off its lows that played out at the same time earlier today. Gold is right now near session highs (1,969.32), currently trading at 1,969.25
 

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