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Gold edges back from further gains to above $2,050

The dynamic move higher in gold saw the metal close in the US last night at $2,040.97. Hence it did not back off much at all from the gains it posted on the day. Earlier this morning the metal lifted further and topped the $2,050 level for the first time since may. As noted here yesterday, the 2023 high was set back then at 2,062.99. The range seen so far today has been covered by 2,040.19 to 2,052.03. It is off that high now, on what looks like little more than intraday profit-taking. So, as you can see the rise above the prior 2,009.41 top has delivered a pretty decent move so far, just as was suggested might be the case, before it unfolded. This very much confirms the wave 3 extension and there will be more to add on that again later. Meantime, Gold is currently trading at $2,044.30 

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