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Gold gets something of a reprieve so far today

Following on from the previous update, noting the fall in the USD/JPY, that has of course helped Gold to recover some of the losses it suffered yesterday. The metal did eventually fall below a noted Fibonacci level, at 1,979.90. The low seen after the European close was set at 1,975.93. However, it managed to rebound back above that 1.979.90 level into the US close, where it later ended the session at 1,981.95. Of course that was still a lower close on the day, by more than $20. It has built on that modest rebound so far today and that is due to the same reason for the drop in the USD/JPY and all about lower US treasury yields this morning. That said, gold has not exactly knocked it out of the park so far today and it seems like the market is still wary of buying this one, after its fall from grace since the start of last week. The high seen so far has been set at 1,989.56. Gold is currently trading at 1,987.05
 

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