Gold off the recent lows so far today

The drop back in Gold yesterday saw it fall from a high at $2,694.67 to a low at $2,656.90 ahead of the US close. Gold closed in the US last night at $2,663.16. It has extended that rebound so far today, to reach $2,675.33. Meantime, the 50 and 100 day moving averages are still converging. The 50 day is still falling and right now at $2,645.10 and the 100 day is still rising and right now at $2,634.70. As you can see, the prevailing price action so far this week remains elevated above both of those. The immediate rising trend from the prior $2,594 low remains intact. US yields continue to remain a barrier to entry, but further stock market losses (if seen) are a supporting factor. The moving average convergence is very much a mirror of those opposing dynamics. Gold is currently trading at $2,669.30