Gold falls back as USD/JPY rebounds

Earlier this morning the USD/JPY fell to a session low at 145.61. As the dollar slipped Gold lifted and reached a session high at $2,506.32. Well, more recently the USD/JPY has rebounded back above 146 and it is just now approaching 146.25. That move along with the pretty consistent Yen/Gold dynamic most recently has pushed gold sharply lower and just now the metal hit a fresh session low, at $2,485.48, which is more than $20 below its earlier intraday peak. That is also a new low for Gold since August 23. The price is now approaching the 21 day moving average. That is in place right now at $2,479.50. It remains to be seen if that 21 day moving average will be put to the test and if it is; it will cap what has been a steep recent slide today. Gold is currently trading at $2,485.90