Gold bugs especially should be watching Yen and USD. The trend is against Uncle Buck and with the Yen and if that holds up we could be looking toward the end of the precious metals correction.
As noted in the past, USD/JPY is bearish. But a bounce to a test of the moving average could see an extension of the precious metals correction and maybe even kick off corrections through many markets.
I’ve written a lot about a USD-centric ‘inflation trade’ lately, but it could well be that part 1 of that (the bounce to date) needs to get corrected first. We’ll see on that and USD and Yen should help guide.
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