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Gold slips below support as USD/JPY eyes 148

The USD/JPY is running into offers ahead of the 148 handle now, but it is not backing off much either following the release of the higher than expected US sales data. That Yen weakness has weighed on Gold too. Earlier the metal managed to pretty much hold the noted 50 day moving average, in place at $2,017.95, rising from a low at 2,017.69 to rebound high at 2,029.10. Well, since that retail sales data, US yields have risen and that has just now sent the metal down to a fresh session low at 2,015.98. So, it is likely, that on this second push lower, gold did remove some nearby stops below 2,017.95. It has just bounced slightly from that fresh session low, but it is not out of the woods yet. I noted here earlier today; that below 2,017.95 lies the most recent low, at 2,013.40 and that really needs to hold, if gold is not to risk a fresh inspection of the $2k level. Gold is currently trading at 2,018.60
 

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