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Gold makes headway as USD/JPY has a look below 154

The USD/JPY has now traded to below the 154 handle today and once again this is all about risk and repatriation. That of course is also connected to the further slide in tech stocks this morning, which in turn has sent the Nasdaq 100 futures lower by more than 4%. They may not be finished with yet either. So, as the USD/JPY has crumbled with the Nikkei 225 futures, that has allowed Gold to rise from an earlier drop below $2,750. Gold fell to a low at $2,747.40, as it seemed to trip stops below 2,750, but as the Yen strengthens, the metal has now rebounded more than $20 off that low. Right now investors are running from tech and seemingly coming back to gold as a safe short term parking space. We shall see if this current rebound extends. Gold is currently trading at $2,767.50
 

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