ForexLive Americas Wrap: Gold Pulverized

Forex trading headlines for April 12, 2013: US retail sales ex-autos and gas -0.1% vs +0.3% exp  University of Michigan consumer sentiment 72.3 vs 78.5 exp Gold drops $75 to lowest since 2011 Fed's Rosengren: Low inflation could have justified even more QE ECB's Demetriades: Cyprus central bank independence under attack Euro's ‘existential crisis' is over, EU's Barroso says US Treasury declines to label China a currency manipulator Weekly positioning data - CFTC US oil falls below 200-day moving average S&P 500 down 0.3% to 1589, up 2.3% on the week The yen stole the headlines all week and it made a grand finale. Later jitters about the Treasury currency report and a smallish earthquake added to pre-weekend position squaring and sent USD/JPY as low as 98.09 in the final hour of trading. EUR/USD fell to 1.3040 in Europe but recovered in US trading. Early moves were choppy with 1.3040 briefly breaking but it was skyward from there and the pair closed slightly above 1.3100. The gold chart was like a series of 5 waterfalls as it dropped an consolidated several times. The big news is that it closed below the triple-bottom at $1522 and entered a technical bear market.