Gold finds buyers underneath $3,300

Earlier this morning, just ahead of European stock market opening, Gold fell below the $3,300 handle and that fall delivered a low at $3,291.93. That seemed to have stemmed from stranded longs forced out of the game below that $3,300 level and the technically negative backdrop from last night. Well, it has bounced off that low now and pushed back towards $3,320. The question is; can it push higher from here, or is there another push on the downside in the pipeline? Hard to say right now and it is all about positioning probably more than anything else in the very short-term. The global stock markets are in a benign position right now, so it is clearly not an immediate risk dynamic. Gold is currently trading at $3,317.25