Gold rebounds from $2,470 low seen yesterday afternoon

Yesterday gold came under pressure ahead of the 4pm London FX fix. The metal got slammed back through earlier lows around $2,495 and that delivered a drop to a low at $2,470.92 and took the price close to the base of a broad upward channel that has been in the formation since the metal based out at around $2,370 on August 5. Gold later closed in the US at $2,484.75 and it has been helped higher so far today by the noted gains seen in the Yen. That has helped Gold to rebound to a session high so far at $2,495.82. However, once again today it seems gold is following at not leading at the moment and hence hostage to what those other markets do ahead of the weekend, unless there is a more pressing reason for it to do its own thing today. Gold is currently trading at $2,493.30