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Gold $2020-2040 seems to cover it for now

Yesterday evening, as the USD/JPY lifted further above 145.50, gold came under pressure. That was a pretty standard reaction in the metal given the Yen weakness. So, gold came very close to falling below $2,020 per ounce. However, in the event the metal managed to hold on and later closed in the US at $2,024.41. It has made steady progress during the Asian session today, despite the USD/JPY remaining relatively elevated above 145. US treasury yields have not really backed off much either since last night and so Gold has actually performed quite well so far today. It has risen steadily throughout the Asian session, to a high so far at $2,035.14. So, in essence it looks like we have an approximate 2,020-2,040 range covering the price action for now, ahead of the US CPI report this afternoon. Of course this data can have a profound impact later on and we shall see if that delivers a move outside of that range, if not before 1.30pm GMT. Gold is currently trading at $2,034.65

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