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Gold extends rise above $2,400 as USD/JPY edges lower again
The price action on Gold this week has so far delivered a low at $2,369.80. The low seen last week was set at $2,353.24 last Thursday. Gold had closed in the US last night at $2,410.78, which was very close to its session highs that day. The metal has lifted above $2,420 this morning and rather loosely tracked the move lower in the USD/JPY. The prospect of a Fed rate cut this evening is not exactly off the table and that is supporting the metal too. We can forget the BOJ rate hike to 0.25% to be honest because that is not the play itself, it is more the price action in the USD/JPY that is immediately the driver this morning. The next potential resistance level could be the high set on July 24, at $2,432.02. The high seen this morning has just been set at $2,421.55. Gold is currently trading at $2,420.10
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