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Gold slips again after stalling ahead of $1,930

The weakness of the Yen this morning is weighing on gold again. The metal failed to extend its rebound gains above 1,930 on Friday, which had seen it lift from a low on Thursday at 1,913.97. Gold topped out at 1,929.15 just ahead of the 4pm London FX fix and later closed in the US at 1,925.23. The close on Friday was also back underneath its 200 day moving average (now at 1,925.96). It has just now slipped to a fresh session low at 1,921.18. So, once again gold is not leading, it is following and that is a problem for the metal, unless the Yen really snaps its current weaker trend. That said, gold in relative terms continues to perform quite well, given the headwinds from higher US yields. Gold is under a degree of pressure this morning though, currently trading at 1.921.30

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