Gold falls back underneath immediate technical support

Earlier today gold fell back towards its 21 day moving average again, but initially that level capped the downside and the metal rebounded, from just above $2,338, to test the $2,350 level. However, a further move to the downside has played out since and that has coincided with a rise above 156 in the USD/JPY on this occasion. So, gold has now taken out that 21 day moving average, which was in place at $2,336.65 this afternoon. The low seen so far has been set at $2,332.28. It is currently trading at $2,335.05