Gold steadies but little more at this stage

Yesterday afternoon, the further gains in US treasury yields that came after the release of the US Service sector ISM index, pushed gold lower. The metal fell to below $2,020, as was covered in an update here at the time. However, the fall was limited to around $2,015 and the rebound that followed saw it later edge higher into the US close. Gold ended the US session at $2,025.11. The failure so far today of the USD/JPY to make any progress and slight drop back in US yields have done little more than help the metal to steady around that closing level. That is probably a concern for gold holders and buyers right now. So, once again the downside risks have not yet gone away. The range seen so far today has been covered by 2,023.56 to 2,029.86. Gold is currently trading at $2,025.60