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Gold slipping again as USD/JPY lifts closer to 146

Since my last update, the USD/JPY has pressed to fresh session highs above 145.80 and that has come as those US yields push a little higher too. Both those moves have weighed on Gold. Yesterday afternoon I noted the spike to 1,996.66 was not sustained and likely to deliver a deeper fall than might have been the case, had it not made the move higher in the first place. Well, that is pretty much what transpired. Gold fell back to below 1,980 and later closed in the US at 1,979.54. It has just now fallen to a session low at 1,973.61. The first support level of note is now at 1,969.90 as that is the current price point of the 50 day moving average. The high seen earlier today was set at 1,982.88. Gold is currently trading at 1,975.35

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