Gold launches an electric rebound

An earlier update here this afternoon noted the further fall in gold and subsequent to that update the metal actually fell back further, reaching a session low at $3,054.27. That represented a more than $110 fall from the earlier all time record high, at $3,167.84. That update noted; that if the metal was to avoid a really technically negative close, it would need to rebound and close later today back above where it closed last night, at $3,134.17. Well, at that time such a rebound might have seemed like a remote possibility. It sure is not the case now, because Gold has made an electric recovery and risen back above $3,125 a short while ago. That is quite a move and it seems that the slide towards $3,050 was enough to bring haven based buyers back to the metal, where perhaps it was stock margin based sellers forced to bank gains earlier in the day, as suggested a couple of times in updates here. That all said, as you can see the price action is just about as elastic as it could be right now and it seems all bets are on the table ahead of the close tonight. Gold is currently trading at $3,125.40