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Gold lifts above $2,077

The weaker dollar has been pushed lower mostly versus the European currencies this afternoon, as the EUR/USD rises above 1.11 for the first time since July 20. That has added some pressure on the USD/JPY, but in relative terms the Yen has lost quite a bit of ground versus the Euro. Hence the EUR/JPY has risen above 158.25 today. However, the lower US yields that have accompanied the fall in the dollar has played nicely into the hands of Gold. The metal is just now extending its move above the previous rebound high, at 2,070.64. That has delivered a move to above 2,077, as I type this update. From a technical perspective, there is not actually that much standing in the way of it extending this rebound further. Gold is currently trading at $2,077.25 after peaking a moment ago at $2,077.92
 

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