Gold manages to avoid a weekly close below $2k (part 1)

On Friday afternoon, as gold was bouncing from a post US payroll report low, at 2,002.69 an update here noted that it was still at risk of a deeper fall, that could take it below the $2k handle. Well, that is what later played out, as gold seemed to trip a whole bunch of stops through that level and force a move to a low at 1,994.73. However, it did rebound into the US close, to later end the week at 2,004.67, just above its 21 day moving average, then at 2,002.29. However, that was below its former wave 1 top, at 2,009.41 and that was not good. The Yen/Gold dynamic and rebound into the weekly close in the USD/JPY  (set at 144.95) also ensured the rebound in Gold remained modest and unconvincing into the close on Friday. Of course the rebound in US Treasury yields on Friday also played a role in delivering that lower close.