Gold has another look below $2,400 in early European trading

On Friday Gold did fall below $2,400. Somehow it managed to avoid a daily and weekly close below that level, but only just , when closing the week out at $2,400.83. Earlier today a modest rebound kicked in after the Biden news hit the Asian markets. That saw god lift to a session high at $2,412.19, but is is falling back again right now. Gold has fallen to a low a short while ago, at $2,399.,04 and it is possible that some stops were in place today below the US closing level. That is not a cast iron prognosis though. The corrective move seen at the latter end of last week is still intact it seems and that could extend further on the downside. We shall see on that, but at this stage, the move lower seems more about a positioning unwind right now and not yet an indication that the higher trend has run its course. Gold is currently on the rebound, trading at $2,403.90