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Gold price action mirrors USD/JPY
It should come as little surprise for me to note that the price action in Gold since my last update on Thursday has largely mirrored that seen in the USD/JPY since then. So, gold fell to a low at 2,024.58 just as the US monthly jobs data hit the screens. The rebound that followed saw it spike to a high at 2,064.02. The metal later fell back and closed in the US at $2,045.45. It has fallen back further so far today and earlier this morning almost completely reversed all of the near $40 rebound seen on Friday afternoon. The low seen so far today has been set at 2,027.15. It is above that low right now though, but currently still south of its 21 day moving average (right now at 2,036.75) . Gold is just now trading at $2,031.95
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