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Gold rises above resistance as Yen gains again

Earlier today Gold did flirt with a break above its 21 day moving average, but despite a brief rise slightly above that level it soon backed off. However, since the USD/JPY has now fallen back again ahead of the US stock markets reopening, Gold has lifted once more and now it has made a more pronounced move above its 21 day moving average, touching close to $2,042 a short while ago. The gains in gold come as the opening outlook for the US stock markets takes on a more negative dimension and so there appears to be an element of risk aversion driving the fresh gains in Gold. It has just backed off a bit now though, currently trading at $2,038.60

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