Gold drifts lower as US stock futures continue to rise

Earlier this morning as the negative sentiment across the markets continued to push European stock markets and US futures lower, that was perfect environment for Gold to extend its move higher. So, the metal did push beyond $2,670 and reached a high at $2,673.56. Well, as those other markets recover and the opening outlook for the US looks considerably more positive than earlier, Gold has fallen back as those stock futures rise. It has dropped back by around $10 since the highs and it remains to be seen, if it will drop back some more. As usual much depends on the geopolitical headlines from here on today, as much as it does on how those US stock markets fare. Earlier today gold extended the move, when it rose above the noted 50 day moving average (now in place at $2,661.15). So far that level has not been tested on the way back down, but it might provide some technical support if it is put to the test. Gold is currently trading at $2,665.85