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Gold posts massive outside day reversal but lifts in Asia today

In the event Gold did not fall any lower into the US close last night, beyond the low noted here earlier in the day, at 2,020.20. Quite a poignant set of numbers when you look at them I suppose. Anyway, the metal held that low and later closed in the US at 2,029.42. So, what took place yesterday was a massive outside day reversal and from an all time record high too. That is because gold had closed on Friday at 2,072.22 and reopened in Asia at 2,074. 04. Hence, a higher opening, which was then followed by the surge, that sent it some $60 (to 2,135.39) above the previous record high, set back in 2020, at just above 2,075. The fall that followed posted what is probably one of the biggest outside day reversals I can remember and made all the more vivid by the fact that it came from an all time record high. Of course sometimes this kind of configuration does not alter the overall direction, but given what took place yesterday one should be wary of the fact that it might. Naturally, there will be more to say about gold as the day unfolds. The range seen in Asia overnight have seen gold rebound moderately. The range so far has been covered by 2,028.52 to 2,041.26. It is currently trading at 2,032.60

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