Yen is sneaking above the SMA 50 to a new short-term high above the July high.
Yen and gold had spent much of the last few years as bedfellows, but for the moment at least it appears Yen, which can often have risk ‘off’ tendencies, is trying to escape its golden anchor, which also has risk ‘off’ tendencies. Yen diverged gold in 2015 as well, before gold finally bottomed that December.
Perhaps gold is more concerned with the Chinese than the Japanese at this time. Thanks to a subscriber for jogging me on the Gold/Yuan link, which reminded me about the Macro Tourist’s post at Biiwii back on August 7th…
Gold: The Chinese Have Changed the Way They Look at It
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