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Gold takes a breather after recent gains

As Gold jumped back above $2,000 per ounce yesterday evening, an update here noted the move and subsequent to that update, the metal did not look back. The move higher extended past $2,025 into the US close, where it later ended that session at $2,027.74. There was further momentum on that more than $50 rise yesterday earlier this morning. Gold rose to a high at $2,039.32, but it has since curbed its enthusiasm somewhat. That is probably due to little more than profit-taking at this stage. One thing is clear now though and that is the prior chart dynamic has been altered. That has been endorsed by a fundamental shift in Fed policy and lower US yields. This is what has saved the metal from further downside and it remains to be seen how that will play out from here on. Gold is currently trading at $2,034.10  

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