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Gold rebounds but fails to break fresh ground
Yesterday afternoon we covered the reaction in Gold to the news of a bigger than expected US Treasury buyback program across longer-end maturities and how that had immediately impacted the metal lower as US yields rose. Well, following that update the metal traded as low as $4,375, but it did manage to recover some downside into a US close, at $4,398.83.
The price action today has seen it rise from an earlier low at $4,389.86 and trade as high as $4,434.67. However, it has since stepped back from that high. It seems the relapse in oil prices helped Gold reach that session high. That said it clearly stalled ahead of the level we noted yesterday, around $4,443 and that remains a resistance level on the topside from here on. On the downside $4,375 is a level to watch, if the metal takes another hit. Gold is currently trading at $4,413.60
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