Gold nailed $2,600 and dropped back but its on the rebound this morning

Yesterday evening an update here noted that Gold might face some headwinds but the path to test $2,600 was still open. Well, guess what? Yes, Gold absolutely nailed that $2,600 target level that had been highlighted here so many times in recent updates. The new record high was set at $2,600.15. The slide that followed came as a result of the rebound in the USD/JPY and inversion in US treasury yields. Hence, both those dynamics forced immediate profit-taking off that $2,600 high. Gold fell back to a low at 2,546.97 ahead of the US close. Gold closed in the US last night at $2,558.91. Despite further gains in the USD/JPY earlier today it did not fall below the lows seen late last night and now the Yen has rebounded somewhat, Gold has managed to lift this morning and right now it is trading back above $2,570, currently at $2,571.50