Gold does set another major outside day reversal

Updates here yesterday mentioned the potential for Gold to post another one of those negative Key Day, or Outside Day reversals, from what was new all time high above $2,220. Well, that is exactly what it did. In order to set that, Gold needed to close underneath $2,186.39 and it closed last night at $2,181.33. There has already been some follow-though on that this morning, as the metal has traded to a low so far, at $2,171.90. However, it has not yet taken out the low seen yesterday afternoon, at $2,166.46. Under the current circumstances, if it does do that, then it could easily extend further on the downside. Beyond that, lower down the next support is at $2,127.70, which is where the 21 day moving average is in place right now. The high seen earlier today was just short of that $2,186.39 price point, at $2,186.16 and that is quite interesting to note too. Gold is currently trading at $2,172.90