Gold mostly holds gains as European markets reopen

On Friday the initial reaction to the US jobs report saw Gold slide by around $20, from $2,683 to $2,663. An update here at the time noted all that and that fact that it had not reacted that badly to the jobs data. The rebound that followed then saw the metal extend above the highs seen ahead of the US jobs numbers and gold held most of that gain into the weekly close. Gold set a high later on Friday afternoon, at $2,698.02. It closed on Friday at $2,689.76. That close clearly defied the rise in US yields but owed much to the slide in US stocks and the fall back in the dollar versus the Yen. Gold has not yet gotten above the highs seen on Friday, but it has remained elevated in relative terms so far today. The range seen has been covered by $2,679.43 to $2,694.68. Looking at the daily chart on this one, the reader is reminded of a key level higher up. That is the clearly defined double top, in place above $2,720, between November and December last year. Gold is currently trading at $2,690.15