Gold holds $3k at the second time of asking but doubts remain

Yesterday the rebound in Gold suffering another hiccup. The metal fell back from just above $3,033 reached during the European morning and later fell back close to the $3,000 handle after the European close. This was all due to the risk positive dynamic once again weighing on the metal. That said, this time Gold avoided a fall below that $3k handle, basing out at $3,002.51, before later closing in the US at $3,011.04. The price action since has seen it edge above $3,020 earlier today. The high seen so far has been set at $3,021.05 and it might need to extend that, if it is to avoid a deeper relapse. Last week questions were raised here about exhaustion of the trend and those have not gone away this week. The low seen earlier today was set at $3,007.61. Directionally much will depend on stocks and the dollar and right now neither of those are suggesting there is a more urgent risk dynamic in favour of the metal. Gold is currently trading at $3,015.60