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Gold falls to test technical support

Yesterday an update here noted that gold was at risk of a deeper fall below $2,042.75 and that is what played out, as US yields and the USD/JPY continued to push higher. The metal fell back close to $2,030. It did bounce from there, but importantly that rebound to just above 2,042.75 was not sustained and it fell back into the close. Gold ended the US session at 2,028.44. A short while ago Gold fell further, to test its 50 day moving average, in place at 2,017.95. The actual low seen was set at 2,017.69. So, it has just about capped this further fall, However, it is rather uncertain as to whether that will remain the case, given the further gains in the USD/JPY this morning. There will be more to add on that in an update to follow. The next level of note below that 50 day moving average would be the low seen last week, at 2,013.40. Gold is currently trading at $2,018.90

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