Another failure to rise above $2,531.75 sends gold lower again towards $2,500

The push higher in Gold yesterday afternoon extended into the US close, where it reached a session high at $2,525.95, before later closing that session at $2,524.64. A push higher right at the start of the Asian session today saw the metal reach $2,529.09. However, it has backed away again and now fallen towards the $2,500 handle. The rebound in the USD/JPY looks to be at the heart of this fall. The fact that Gold has once again come close to setting a new record high (above $2,531.75), but shied off it is probably not a welcome development, but in truth this is not yet conclusive and events this evening and then on Friday may yet turn in its favour. Most especially that concerns the US PCE report, at 12.30pm GMT on Friday. So, it could be that we have to wait for that to see, if there is more upside for the metal, or perhaps an all time record high, at 2,531.75 will last for more time to come. The range seen so far today has been covered by that earlier noted high and a subsequent low at $2,503.40 set just a moment ago