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USD/JPY rise strangles gold this morning
The rebound in the USD/JPY earlier today had a clearly defined negative impact on Gold. The metal had closed in the US last night at $2,035.36. Earlier today it had lifted above that close, to $2,038.76, but as the Yen weakened, gold fell back too just below $2,030 (2,029.01 the low) and that Yen weakness has effectively strangled the metal and prevented it from making any progress yet today. Gold is above that earlier session low now though, as the steam comes out of the USD/JPY rally for the time being. Gold is currently trading at $2,031.10
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