Gold finally breaks above $2,009.41

Gold did eventually rise back above $2,000 per ounce on Friday. The metal lifted to reach a high at $2,003.65. It later closed the week at 2,000.82. That was its best weekly close since October 27, when it ended that week at 2,006.37. That said, the metal did not threaten the noted prior rebound high, seen that day, when it topped out at 2,009.41. The reader is again reminded of the importance of that price point in reference to what was said about that earlier last week and the potential for a longer wave 3 to unfold beyond that price point. Well, with that very much in mind, Gold has now taken out that high earlier today, spiking through the level, to as high as $2,018.21. If you look at the chart of the price action, you will see the acceleration through that level was symptomatic of some heavy buying and that speaks volumes about what I have been saying. Gold has backed away from that high just now though. It is currently trading at $2,010.05