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Gold holds up well despite further USD/JPY gains

Yesterday afternoon an update here noted a potential longer term wave count prognosis for Gold. That was not to be taken as read though and not in terms of a specific call for Gold to make such a move. However, it should be noted, that gold needs to get above the previous rebound high, at 2,009.41 before that can even become a prospect and that is something it has so far not managed to do. The high seen yesterday afternoon, just ahead of the 4pm London FX fix, was at 2,007.61. Gold later back off and closed in the US at 1,998.29. The metal has held its ground quite well so far today though, in the face of a further rebound in the USD/JPY. It has traded a range so far covered by 1,995.58 to 2,001.34. It is just now trading at $2,000.20

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