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Gold rebounds to session highs as Yen holds gains and US yields edge lower

Much earlier today ahead of the European opening and subsequent to an update here on Gold, the metal did fall below $2,320 and seemed to trip stops in a move to a low at $2,314.84. Well, since then, gold has been on the rebound, spurred by gains in the Yen and a slight drop in US treasury yields. That has just now seen gold reach a new session high at $2,335.46. Naturally, gold is going to react to the US ISM data (just like many other instruments) and once again the Yen and those Treasury bonds probably hold the key as to which way that reaction is. The market has been squaring up shorts for the past couple of hours and in the slightly wider picture, if we take 2,314-2,364 as the immediate range, the mid point it is at $2,339. So, as you can see the current price is now back into a more pivotal position, as the markets await that US data at 2pm GMT. Gold is currently trading at $2,333.55

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