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Gold gets a helping hand from USD/JPY slide

Earlier today Gold managed to climb higher and of course the rise to back above 1,985 was largely helped by the rejection of the 150 handle in the USD/JPY and the subsequent fall back underneath 149. Gold had closed in the US on Friday at 1980.82 and fallen back to 1,973.46, as the USD/JPY retested the 150 level. The rebound that followed saw it rise to 1,985.23. It has backed off since then, as the USD/JPY steadies from session lows, back above 149. The price action so far today is pretty consistent with the more usual Yen/gold correlation, but as noted here many times in recent weeks, that has decoupled significantly at times. The metal is currently trading at $1,980.15

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