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Gold still reeling from higher US yields

It seems to me that it is only trepidation keeping the USD/JPY under wraps right now. That is because of the looming Bank of Japan policy decision tomorrow and concern that the BOJ might act in some way to stem the rising dollar tide. At the same time, US bond yields are still rising and that is supporting the dollar. What that is also doing is further undermining the attractiveness of Gold. So, the metal has fallen back further since my last update and further below its 200 day moving average. So, it is US yields doing the damage right now and not the USD/JPY. Gold has fallen to as low as $1,914.17 a short while ago. It is above that low now, but remains under pressure this side of $1,924. Gold is just now at $1,917.90

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