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Gold still hostage to all that surrounds it

As covered here yesterday afternoon, gold did manage to rise above its 21 day moving average, but it could not sustain what looked like another false break to the upside. Gold later drifted back down from close to $2,042 and closed last night at $2,030.20. Earlier today it fell back further, to a session low at $2,023.95, but it has since lifted to just above $2,040 once more. The high seen earlier was set at 2,040.24. It is drifting lower again just now, as the USD/JPY edges back above the 145 handle and US yields press a little higher. Once again gold is hostage to these moves in the Yen and the US yields and that has been the case all week so far. I am not going to focus on the 21 day moving average again for now, because the price action around it looks too well worn. Gold is currently trading at $2,033.40

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