Gold edges back from yet another record

Gold closed in the US last night at $3,423.98 and that was of course a record daily close for the metal. The price action during the Asian session today has seen it rise from an earlier low at $3,412.63. That rise has delivered yet another all time high today. Gold rose to $3,494.81 earlier, in what was a further dynamic rise of more than $80 in just a couple of hours. However, it has backed away from that high just now. As stated here yesterday, looking for technical resistance levels is pointless at the moment and that applies again today too. Even the 14 day RSI (relative strength index) is not that overcooked, despite being around 80 right now. Perhaps if it were at more critical levels above 90, it might provide at least some clue on the prospect of a deeper correction. Well, that is not the case yet. The threat of all that you know about is making Gold the hottest of all capital flight destinations. Unless and until that changes, the metal remains massively in vogue. Gold is trading right now at $3,486.40