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Gold rebounds this morning in defiance of Yen weakness

Yesterday afternoon Gold took a hit into the 4pm London FX fix, as the USD/JPY edged higher into the same event. That saw gold fall back to a session low at $2,012.85. Prior to that slide, the metal had been trading above $2,020. However, a clearly defined interim double top around 2,023 was its undoing. Now today the metal is on the rebound, despite a further rise in the USD/JPY and slightly higher US yields. So, as you can see it is defying those dynamics, as it pushes towards $2,020. Potential resistance remains at 2,023 though and the current 21 day moving average is in place just beyond that, at 2,023.95 right now. It was surely that moving average which also capped the rise this time yesterday. The range seen so far today has been covered by 2,015.08 to 2,020.00. Gold is currently trading at $2,019.90

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