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Gold edging lower this morning

Yesterday evening, as covered here at the time, the dovish undertones from the Fed boss sent US yields on the slide and that delivered around a 0.10% fall in the US 10 Year yield. That in turn played perfectly into the hands of Gold. So, as reported the metal rose further above $2,300 and just above $2,328. However, as it happens that was the extent of the rise. Gold later closed in the US at $2,319.56. Just after the US close the metal rose back above $2,326 as the USD/JPY went into meltdown again. However, since then it has been leaking lower again and just now drifting back under $2,315. The low seen so far today has been set at $2,312.73. Make no mistake though, professional gold traders will be keeping one eye on the Yen and the other on US yields again today and so should you, if you are involved on this one today. Gold is currently trading at $2,314.50

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