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Gold falls as the USD/JPY reclaims 150

The USD/JPY has risen today and reclaimed the 150 handle. There will be more to add on that move in the very next update, but the focus here is on how that move has impacted gold. Yesterday it was noted here; how gold had stalled three times above $2k and that persistent failure was not a good indicator for the metal. So, gold fell back close to $1,977 ahead of the US close and later ended that session at $1,978.14. It has not made any progress yet today and in fact, it has fallen back closer to $1,970 so far. The reason for the move is all about positioning, disappointment and the weaker Yen. US treasury yields  are pretty much holding the modest gains seen yesterday and that has not helped it much either. The risks of a deeper move below the November 1 low at 1,969.94 look elevated right now too. Beyond that, the rising (steeply) 21 day moving average has gotten closer to the price action and it is in place right now at 1.956.60. That could provide support, should a break below 1,969.94 extend. Gold is just now trading at $1,971.80
 

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