Gold slips as US yields rise

On Friday Gold spent most of the day falling back, after peaking during the Asian session at $2,665.28. Gold fell to a low at $2,636.95 before later closing in the US at $2,640.22. Earlier this morning it was on the rebound, reaching a session high at $2,647.43. However, that rise has since given way to a low at $2,630.30 and that is below the low point reached on Friday and seemingly comes as those US treasury yields rise this morning. The noted 100 day moving average is still rising though and in place this morning at $2,625.05 and that is clearly the nearest technical support level on the downside. Once again we continue to have convergence between that and the 50 day moving average which is still falling and in place right now at $2,655.70. This is the first level of resistance on the topside today. So, there you have it. Gold is currently trading at $,631.50