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Gold takes another hit as USD/JPY jumps again

In noting the further rise in the USD/JPY this morning, that move did not do Gold any favours. Prior to that the metal was eyeing a potential double bottom on the daily charts, from the low seen earlier today, at 1,994.93 and the low seen on Friday, at 1,994.73. Well, that prospect has been blown out of the water, because gold fell to a new session low, at 1,991.42, as the USD/JPY hit a fresh session high at 146.46. The metal has now edged off that low, but as you can see, in the absence of any other dynamic, Gold is very much hostage to further moves in the USD/JPY this morning. It is currently trading at 1,994.65
 

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