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Gold struggles as USD/JPY advances

Yesterday gold looked like it could make further progress, but in the event the move higher stalled just above $1,935 per ounce. The metal later closed in the US at 1,931.36. Any further gains were clearly hampered by a further rise in US treasury yields and that has played out again today so far. The USD/JPY has now lifted further above 148, to above 148.15 in more recent trading and that has pushed the metal back underneath 1,930 this morning. The 200 day moving average is still guarding the downside for the time being though and that is in place right now at 1,924.10. The low seen so far has been set at 1,928.00. Gold is currently trading at 1,928.90
 

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