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Gold drops below $2,150 as Yen remains weak

The impact of the surge in the Nikkei and gains for other Asian stocks has helped to keep the Japanese Yen on the back foot today. So, the USD/JPY has not backed off and remained resolutely above 149 so far today, despite the threat of a BOJ policy change tomorrow. That dynamic has helped to force gold lower in recent trading. The metal has now dropped below the $2,150 mark. The low seen earlier this morning was set at $2,146.15. Gold had closed in the US on Friday at $2,155.90. The high seen at the start of the Asian session today was set at $2,157.56. The current chart dynamic suggests this latest relapse is corrective, but it could easily extend further, depending on what happens to the Yen and those US yields. Gold is currently trading at $2,148.10 
 

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