You need a microscope, but there’s a breakout on Gold futures. It’s showing on the 4hr chart, barely on the daily. RSI looking very nice on the 4hr, still needs work on the daily.

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The USDJPY has been pinned to 112.75 for the last 8 sessions, more or less. Enough to drive you crazy. If that’s not CB intervention, I don’t know what is. We’ve certainly had enough catalysts in that time period to affect trends. The end of the US session looked like we were finally getting follow through on a lower USDJPY, then the bastards pinned it right back after the close. This is my #1 concern for this PM rally, if we can’t get bearish price follow through on the USDJPY, miners & gold might get spooked. Today was a US holiday, so very light volume. We’ll see how the week progresses. Miners seem to be calling the bottom for now though, they’ve shown nice follow through to start the week.

Despite the resilience(CB games?), the daily USDJPY shows a rounding top, 600ma resistance still holding. MACD cross down. But this certainly still remains the major risk for now. If it gets above 113 for whatever reason, you could see a big snap back down in miners to reflect the possibility the dollar will run again.