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Gold reverses break above $4,035 as US yields rise
We covered the move higher in Gold yesterday, as it extended a move above $4,035. Following that later afternoon update, the metal rose above $4,065, further extending the break above $4,035. Gold later closed in the US last night at $4,060.13.
Earlier this morning it pushed higher again and reached $4,070.79, but it has stepped back since and reversed the rise above $4,035. A key driver for the reversal seems to stem with higher US yields this morning, as we noted earlier when looking at the USD/JPY and BTC.
We also note that Silver is back underneath the $54 handle this morning and in percentage terms once again leading the price action in Gold. The yellow metal has traded as low as $4,028.69 a moment ago. Gold is currently trading at $4,029.55
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