Gold dips and rebounds again

As covered here yesterday afternoon, gold did break above its 50 day moving average and extend that move to just above $2,676 per ounce. The potential reasons behind the move were explained here. However, gold was not able to hold that breakout move above its 50 day moving average into the US close. The metal later fell back below $2,660 and then closed in the US at $2,660.30. The price action today has seen it rebound again and rise once more back above the 50 day moving average (now at $2,668.20) The high seen this morning has been set at $2,673.84. It has backed away from that high right now, but perhaps we shall see if there is another dip and whether or not buyers return on that dip. Gold is currently trading at $2,669.70