Is Gold momentum stalling or just waiting for the next surge?

Once again yesterday gold lifted into the 3pm London fix. That saw the metal rise to $3,036. However, just like the previous day, it was unable to hold the move and it fell back, later closing in the US at $3,020.09. The price action so far today has seen it rebound from an earlier session low at $3,013.40. That rebound has so far taken it back to just above $3,027. The question raised here before, is once again back in the narrative and that is; has gold peaked as upside momentum has clearly stalled for the time being? Conversely, is it merely treading water before it embarks on another record run? Well, it is hard to say right now and only the price action from here on will answer that. Having said that, whatever relapse we have seen so far from the current all time high ($3,057.49) is nowhere near enough yet to clear out what is surely still an extremely over-populated trade. Gold is right now at $3,025.50