Gold rebound blows out ahead of $2,650

Since the last update on Gold noted the metal had rejected a first attempt to push below its 100 day moving average, the metal has slumped all the way back down again. Earlier gold got close to $2,650 per ounce, peaking at $2,649.48. It has since dropped more than $25 and now taken out that 100 day moving average at the second attempt. That was in place just now at $2,624.95 having shifted slightly lower from where it stood earlier. The low seen a short while ago was set at $2,621.97 and if you look at an intraday chart you will see the move lower was pretty vertical. It looks like the failure at $2,650 has led to stops being removed underneath 2,625 and that might explain why the price is rebounding slightly just now. Gold is currently trading at $2,627.10