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Gold slams on the breaks as the traffic lights turn red when USD/JPY rebounds

ollowing on from earlier updates, noting the drop to fresh session lows in the USD/JPY, that has now rebounded again. This underscores what I have been saying about price action in the USD/JPY and its elevated implied volatility outpacing all that surrounds it. So, the USD/JPY is now pushing back towards 147.75 and that has caused Gold to slam on the breaks ahead of $2k. The metal reached a high at 1,994.35 earlier. It has since dropped back to below 1,985 and the reason for that is all due to the rebound in the USD/JPY its seems. The return to a more normal inverse correlation between the USD/JPY and gold was something that was highlighted here yesterday and again earlier today. So, as you can see, so far today that has remained in place for the time being. Gold is just now trading at $1,984.80

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