Gold rebounds in Asian trading

Yesterday evening, as US yields rose and stocks fell, the dollar surged and that was bad news for Gold. As noted ahead of that, the metal was already under pressure and falling towards $2,620 in an update here at the time. In that update a test of the 100 day moving average (just above $2,604) was said to be at risk and that is exactly what happened. In fact gold later tumbled below that level and surely tripped stops below it. Gold fell to a low at $2,583.56, before later closing in the US at $2,585.35. However, it has rebounded today and recovered back above that 100 day moving average (now at 2,605.80). The high seen so far has been set at $2,618.16, but can it rebound further? We shall have to see on that as the day unfolds, but there are doubts here. Gold is currently trading at $2,612.40