Gold extends gains above $2,700

Gold has now pushed above the $2,700 handle and lifted to a session high so far at $2,708.58. From a technical perspective the rise above $2,693.34 earlier today means it has taken out a correction objective at that level (that was 61.8% of the 2,790-2,536.92 fall). The next objective, or more rather potential resting point could be at $2,730.29 and that is the 76.4% correction of that prior move lower. That is clearly in sight today, but of course Gold is not guaranteed to rise that far. Much will depend on what goes on around the metal from now on until the weekend. The observation made here earlier, as to why gold was sought after heading into the weekend is clearly unaltered. The reasons for that are all about safe-havens during a period when much can happen and markets are closed. For that reason there will probably be buyers on any meaningful dips from now until the close of play tonight. Gold is currently trading at $2,706.65