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Gold opens on the front foot today

On Friday Gold extended its break above the noted double top and above $2,048. That saw the metal eventually rise to a new rebound high at 2,070.64. That high came just ahead of the 4pm London FX fix and once that was out of the way, the metal slid into the US close. Gold later fell to a low at 2,051.15, which looked based on profit-taking ahead of the Christmas break, more than it did anything else. The fact that it did not drop below 2,048 was a positive and it later closed the week at 2,053.08. It has reopened higher today, kicking off Asian trade at 2,064.46. clearly the immediate lines of demarcation right now would seem to be covered by 2,048 and 2,070. The high seen a short while ago was set at 2,065.11, but was you might expect, trading is relatively subdued because of the calendar. That means potentially low volumes today, until the European markets return tomorrow. The low so far today has been at 2,061.48. Gold is currently trading at $2,064.35
 

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