Gold just keeps going as USD/JPY falls back

As noted in the previous update, the USD/JPY has continued to fall this afternoon and now dropped to below 147.40. That dollar fall has helped Gold to extend even more open its gains today. The metal has now lifted above $2,040 per ounce which means it is even closer to the current 2023 high set back in May, at $2,062.99. There really is not a great deal of technical resistance ahead of that level from now on. That is not to say it will reach that high today and that selling will not kick in at some point ahead of the close, because it has come a good distance already today. However, the metal is garnering traction from that stronger Yen and the drop back in the US treasury yields. Gold sure is popular for those reasons today. It has just set a session high at $2,040.66. It is currently trading at $2,039.40