Gold slides further so far today

Yesterday afternoon, the initial reaction to the US CPI data saw Gold spike higher. As reported, Gold lifted close to the $2,620 mark, but fell back almost immediately from just above $2,618. The price action that followed saw the metal fall back below $2,590 and that clearly kicked in a bunch of stops and sent it down towards $2,570 ahead of the close. Gold later closed in the US at $2,672.98. Just now this morning it has fallen further, hitting a session low a moment ago, at $2,554.36. The rebound in US yields since after the CPI release yesterday afternoon is clearly a major reason why gold has continued to correct lower. The next support level is not far off now and that is the 100 day moving average, at $2,543.15. In fact just ahead of that, at $2,544.20 lies the 200 weekly moving average and that makes this price point around those levels potentially more important. Perhaps we might find out just how important that turns out to be.