Gold finds its feet as stocks crumble but levels above $2,500 remain elusive for now

Yesterday afternoon Gold fell further into the 4pm London FX fix. The metal eventually took out the noted support level, at $2,479.50 (21 day moving average now at 2,484.70). The fall did not extend very far though and surely we have the slide in stocks to account for that. Hence, Gold later lifted from a low at 2,473.50 and closed in the US at $2,492.91. The range seen so far today has been covered by $2,491.42 to $2,496.95. To be honest though, given the slide in stocks since this time yesterday morning, Gold could arguably be higher than it is, but perhaps we have the slump in oil prices to account for that? Gold is just now trading at $2,492.80