Gold lifts as Yen rebounds and US yields edge lower

Yesterday Gold fell back to a low at $2,708.83, as reported on here at the time. The rebound that followed then stalled around $2,725 and gold later posted a US close at $2,715.55. The noted resistance level at $2,760 had clearly capped the top for Gold yesterday (2,758.48 the high) and we will look at where that is right now, should the modest recovery this morning turn into something more meaningful. As noted before, owing to the shifting chart dynamic, that upward trend line is rising each day and so this morning it is in place close to $2,765. Gold has managed to edge higher this morning, largely thanks to the slight drop in US yields and the lower USD/JPY. The range seen so far this morning has been covered by $2,715.43 to $2,726.79 and the metal is close to the top of that right now, currently trading at $2,726.10