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Gold drops back below 21 day moving average
The further gains in the USD/JPY, to fresh 2024 highs, noted in the previous update, has finally weighed on Gold. The metal has just now fallen below its 21 day moving average, just above $2,045 and it has tested that 2,042,75 price point again subsequent to taking out the 21 day moving average. I said yesterday; that 2,042 to 2,072 would cover the price action then and it certainly did just that. However, the scene today looks a little different right now, with the dollar making fresh headway and those US yields rebounding. Gold is under pressure for all those usual reasons and it remains to be seen, if that will deliver more downside below 2,042.75. Gold is currently trading at $2,043.10
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