The US dollar surged against the euro last night, taking the gold price down. The gold police were doubly pleased because the yen also strengthened against the US dollar.
If you look at a chart of gold's value in yen, you will see that 45,000 yen is the critical resistance level. The gold police are determined that gold does not decisively break that resistance of 45,000 yen on the upside, when the Japanese might decide it makes more sense to buy gold than US denominated paper and assets.
(Just multiply the $US gold price by the US/yen exchange rate, currently around 106 yen to the dollar to find the yen price of gold.) ============================== Form your opinion. Note the disclaimer below.
