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Gold backs off as USD/JPY rebounds

Perhaps unsurprisingly Gold is lower this morning, as the rebound in the USD/JPY takes it back above 147.50 earlier today. In truth though, gold was not making much further headway yesterday either and certainly it did not threaten to move to fresh record highs yesterday. Gold peaked yesterday at $2,189.07 yesterday and later closed in the US at $2,182.75. It has just now slipped to a session low at $2,173.77. The trend remains positive, but of course it is so often subject to price action in the USD/JPY and as you can see that has not changed. It is also possible that the proximity of the US CPI report later today has prompted some profit-taking from record levels. That would be understandable too. Gold is currently trading at $2,175.15

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