Gold above recent lows this morning but where next?

Yesterday afternoon Gold fell to $2,633.15. It later rebounded into the US close, ending that session at $2,646.83. So, as you can see, despite falling back yesterday afternoon, the metal did not break any new ground and remains firmly tucked inside its 50 and 100 day moving averages. To update you on those, today they are in place at $2,604.75 (100 day) and $2,671.80 (50 day). The mid point of those two is right now at $2,638.27. The price action so far today has been covered by $2,642.82 to $2,651.76. Looking once again at the daily bar charts on this one, the configuration still looks skewed to the downside in terms of direction. To be honest, only a sustained move back above the 50 day moving average seems likely to change that right now. Gold is currently trading at $2,645.40