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Gold rises above $2,170 for the first time

Following on from the previous update, noting the fresh slide in the USD/JPY, it should come as no surprise to see that move has pushed gold higher once more. The yellow metal has now reached a new all time high earlier this morning. That was at $2,171.13. It has backed off a bit now though and perhaps it might want to hold its powder coming into the US monthly jobs data? We shall just have to wait and see on that. However, and as with the USD/JPY, it is going to need a very strong US payroll number (or higher wages data perhaps) to deliver a meaningful pullback in the price action. Gold is of course in uncharted territory now and that makes for finding topside targets not easy, but I will look at this in more detail and see what can be gleamed. Meantime, Gold is just off the boil, currently trading at $2,167.90

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