Gold slides in Asian trading

On Friday Gold rebounded into the weekly close, rising to session highs and closing virtually on the high of the day, which was set then at $2,716.40. Gold closed the week at $2,716.19. At the very start of the Asian session today the metal rose to $2,721.41. However, since then it has taken a more than $60 hit, sliding to $2,659.42. That means the rebound on Friday stalled short of a technical level that was noted here earlier in the day, at $2,730.29. The steep sell-off comes even as US yields fall this morning. At the same time US and European stock futures are higher, which is perhaps the main reason. Clearly someone out there has decided they do not need a risk haven any more and decided to off-load a chunk of Gold holdings. That fall pushed Gold back underneath its 50 day moving average, in place right now at $2,665.75. Gold is off the lows right now though, but it remains to be seen, if it can recover fully from this setback. The metal is currently trading at $2,666.25