Gold climbs 2% to touch the 200-day moving average
Gold comes to life
Gold is having its best day in months as it jumps 2%, or $31, to $1791.
The latest leg of the rally stalled out at $1795, which is precisely the 200-day moving average. As you can see, the 200-dma hasn't been particularly important in the past few months but it has only spent two days above all three major moving averages.
Gold is benefiting in a big way today from falling yields. In two days of selling, US 10s have fallen nearly 10 basis points. That's led to some broad dollar weakness that's filtering back into gold.
Notably, the volumes in gold trading today are very high, suggesting some type of flow driven buying rather than a big shift in the fundamental view.