Gold testing technical level on the topside this morning

Yesterday, as covered here at the time, Gold reversed an earlier break above its 50 day moving average and that relapse was all due to the rise in US yields and the dollar following the better than forecast US data. Gold had earlier peaked at $2,664.33 and it fell back to a low at $2,642.15. The metal later closed in the US at $2,648.59, which was of course back underneath that 50 day moving average. That is in place this morning at $2,652. Gold has just now has just pushed a little above that level, reaching $2,653.08, but this does not seem to be conclusive by any means at this stage and besides it might be where it closes tonight that matters more. The modest recovery today seems linked to a slight relapse in US yields so far this morning. So, if you are involved in Gold today then it would serve you well to keep any eye on those US yields today. Gold is currently trading at $2,652.50