Gold steady so far today despite USD/JPY surge

In what is further clear evidence of the continuing unwind in the more usual Yen/Gold correlation, Gold has not materially fallen back yet today, despite the surge towards 146.50 a little earlier. Yesterday the metal set a new record high, at $2,685.58, as was covered here at the time. However, it seems a bout of profit-taking kicked in from there. Gold fell back towards $2,650 heading into the 4pm London FX fix. The low seen was set at $2,654.90. It then rebounded into the  US close, ending that session at $2,672.38. Today it has not made any progress though and of course we have that surge in the USD/JPY to account for that. Even so, Gold has not broken any fresh ground this morning and in real terms it has held up well so far. The outlined range looks covered by that interim low seen yesterday afternoon and the record high. As you can see, it is currently still inside those parameters. Gold is currently trading at $2,665.40