5 Dec 2014
Gold gains in JPY terms
FXStreet (Mumbai) - Gold prices measured in Japanese Yen terms gained today as broad-based US dollar recovery weighed on the Japanese yen, taking down the USD/JPY pair to 7 year lows.
Gold in Yen terms or XAU/JPY trades at 144914, after hitting day’s high at 144983 levels, at time of writing. The yen plunged to fresh 7 year lows on increased probability for Shinzo Abe’s victory in the parliamentary elections and consequent expansion of his monetary policy stimulus, which may further drag the currency down.
The yellow metal gained in Yen terms as it is known to have an inverse relationship with the home currency. Moreover, the yellow metal may extend gains as expectations of better than forecast US NFP numbers which may further boost the USD/JPY pair.
Gold Technical Levels
The metal has an immediate resistance at 145500 above which gains could be extended to 145850 levels. Meanwhile, support stands at 144450 and 144000 levels.
Gold in Yen terms or XAU/JPY trades at 144914, after hitting day’s high at 144983 levels, at time of writing. The yen plunged to fresh 7 year lows on increased probability for Shinzo Abe’s victory in the parliamentary elections and consequent expansion of his monetary policy stimulus, which may further drag the currency down.
The yellow metal gained in Yen terms as it is known to have an inverse relationship with the home currency. Moreover, the yellow metal may extend gains as expectations of better than forecast US NFP numbers which may further boost the USD/JPY pair.
Gold Technical Levels
The metal has an immediate resistance at 145500 above which gains could be extended to 145850 levels. Meanwhile, support stands at 144450 and 144000 levels.