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Gold continues to hold below 21 day moving average

Yesterday Gold was unable to make any progress and the high around $2,330 yesterday morning was the top of the shop for the metal. The price action after the European stock markets reopened was all to the downside and later that delivered a US close at $2,314.10. Earlier this morning the metal fell back to a low at $2,307.15. It has rebounded off that low now and that rebound has rather defied a further rise in the USD/JPY today, but we must remember that correlation has long since been busted. The failure of the metal to reclaim levels above its 21 day moving average again this week has been clear to see. That moving average is in place right now at $2,337.55. The high seen so far today has been set at $2,321.48. Gold is currently trading at $2,318.35

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