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Gold ignores the Yen and rises with oil

The rebound in the USD/JPY so far today has not had any detrimental impact on Gold prices. On Friday Gold fell back ahead of the final 4pm London FX fix of the year. The metal fell to $2,058.30. It later closed out 2023 at 2,062.98. It has risen to a high at 2,076.77 so far today. That rise comes even as the USD/JPY has also lifted. That clearly represents a shift in the more usual pricing dynamic and it seems to have been caused by the concerning developments in the Middle East this morning, as noted in the previous update. In terms of immediate support and resistance, we have that at 2,058.30 and at 2,088.52, which was the high seen last week. The low seen earlier today was set at 2,062.38. Gold is currently trading at $2,075.50
 

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