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Yen/Gold correlation dented by higher Japanese yields
More usually, when the Yen rises, or more rather, when the USD/JPY falls, that creates a positive feedback loop into Gold. Well, not so far today, despite the USD/JPY now extending its fall to below 146 a short while ago. That is because those higher JGB yields have dented the correlation between the metal and the Japanese currency. That explains why Gold has not yet made a significant move higher on the back of the slide in the USD/JPY. Gold did hold its ground yesterday though and once again the important support, at 2,009.53 was not put to the test. Gold closed in the US last night at 2,025.55. Earlier today it did edge above 2,030, but so far no further. The low seen earlier today was set at 2,025.32. Gold is currently trading at 2,029.60
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