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Gold recovers further ahead of the European opening

As covered here on Friday, Gold initially lifted above $2,320 after the US jobs report, only to slide to a low at $2,277.35 very shortly afterwards. As also mentioned at the time, that move looked linked in part to a stop loss hunt below $2,285. However, the rebound that followed seemed to defy both the rebound in US yields and the USD/JPY. That said, arguably it should never have fallen to 2,277.35 in the first place. Gold closed on Friday at $2,301.74. Overnight the metal has built on that and lifted just above $2,315. That recovery has come with the already noted, further rebound in the USD/JPY, which is yet more evidence of the decoupling in the former Yen/Gold correlation. Gold is currently trading at $2,313.90 

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