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Gold approaches $2,020 as Yen weakens further
Earlier this morning an update here noted how Gold was strangled by further Yen weakness and a very modest rise in US treasury yields. Well, since then the Yen has of course weakened further and right now the dollar is rising to even higher levels, as it approaches 149.50. Those US yields are edging higher just now too and all this has further dented gold. It did try to make a move above $2,035 earlier this morning, but that modest rebound, off the earlier low (2,029.01) has long since blown out and given way to a fall below 2,029, that is right now extending closer to $2,020. Gold will remain under pressure all the while those noted dynamics continue to play out. It is currently trading at $2,022.70
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