Gold falls back below $2,700

If you are looking for reasons to explain the move lower in Gold this afternoon, there are none apparent here. What can be said; is the metal was falling back even as US yields dipped after the US data. In fact, the metal was edging lower ahead of the ECB policy decision and release of the US data. It has now extended that move to below $2,700 and it is just now hitting session lows underneath $2,695. To be honest with you, there is a bit of head scratching here on this price action, but the suggestion is; perhaps one of the big players buying this in recent days has decided to bank some gains? That is the best that can be thought of here just now. Gold is currently trading at $2,694.40