UPDATE 6:02 - Gold did indeed open in the range predicted. We will continue to watch the Yen and look for profit taking in spot level around $1351 if the gods give it to us.
live trading HERE
Original post:
The Yen gapped lower vs the USD just now in its first hour of trading. Given past correlations, that implies a move of $7 to $13 for the yellow metal. But of late, Gold has been overperforming relative to the Yen, and this is no surprise given the crises are asian based.
To us, anything less than $1333 spot is a spec buy, and anything over $1345 is a spec sale going in blind
We will soon see
Historical Relationship
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