Skip to main content

Gold rebound trend still intact as it edges off session lows

Earlier this afternoon, the rebound in the USD/JPY and US treasury yields did gold no favours. An update here highlighted that fact and subsequent to it gold fell back further. Eventually that led to a drop to fresh session lows, at 1,955.50. However, and since then it is forming something of a basing action and trying to push back higher, despite the USD/JPY rebounding again with those US yields. Gold has so far not made it back above 1,965, but the price action is suggesting that is what it is trying to do. Gold is just now trading at 1,962.45. Leaving aside the immediate price swings today, the overall recovery remains intact all the it hold above the 200 day moving average on a daily closing basis. That moving average is in place at 1936.10. 

Ready to Get Started?

Start here. Join 2.9M Libertex users around the world!