Gold rebounds to test technical level at $2,037

The fall in US yields this afternoon and corresponding drop below 143.75 in the USD/JPY has provided the perfect recipe for Gold to recover. As noted here earlier today, the metal had fallen back below an interim support level just above $2,024. The low print then has remained intact though and since basing at $2,016.96 earlier this afternoon, gold has taken advantage of those noted moves and now lifted to test its 21 day moving average once more. However, and for the time being that level has capped the rebound. The 21 day moving average is in place right now at exactly $2,037 and the high seen a moment ago was set at 2,036.93. So, as you can see this is a price point of note for short-term traders and it remains to be seen if the price will extend further above this level, or it will cap the rise. Gold is currently trading at $2,034.80