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Gold edging lower now this morning
On Friday Gold actually performed really well. The metal rose even as US yields remained elevated and the USD/JPY held its ground well above 150 into the weekly close. Gold lifted back above its 50 day moving average (then around 2,032) and later closed above that, when ending the week at $2,035.40. Earlier today, that positive close seemed to help propel it a bit higher, but it could not make it above $2,040 (2037.08 the high) and now it is edging lower as I write. The price has now fallen back underneath its 50 moving average (now at 2,032.64). The fact that US yields are now higher than earlier today is one reason and the USD/JPY not backing off is another. So, Gold has drifted back to a session low at 2,030.01. It is currently trading at $2,032.30
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