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Gold edges back from new rebound high above $2,066

Earlier this afternoon, the breakout move in Gold above $2,048 extended further. That saw the metal rise to a fresh interim rebound high at 2,066.18. That was not actually a surprise here though, because such an extension was expected and warned on, before and after the breakout above the double top at 2,047 played out. The impact of the US PCE data did not send the metal higher either, despite being lower than forecast. Gold dropped back to around 2,058, but it is trying to rebound a bit now. The price action in Gold seems to be mirroring that of the USD/JPY pretty closely this afternoon and so it might be worth keeping an eye on that pair, if you are still involved this side of Christmas. Gold is currently trading at $2,062.50 
 

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