Gold rebound delivers a record close last night

On Friday evening, when Gold was falling back to $2,877, the chances of the metal setting in place a clearly defined double top above $2,940 on the daily charts looked pretty high. However, the caveat to that, as mentioned here at the time, was it needed to break below $2,864 in order to confirm that. Well, as you know now, that did not happen yesterday and such a prospect was clearly diminished when it looked like a large buyer (s) stepped in again. As also covered here in an update yesterday, gold continued to push higher and that push lasted all the way to the US close. Gold closed last night at $2,936.02, which was actually a new record close for the metal. Earlier today it tried to rise above $2,940, but that move stalled at $2,939.65 and was followed by a relapse to $2,924.26. So, as you can see levels back above 2,940 have proved elusive so far. That does keep the prospect of a double top being set in place above 2,940 alive for the time being, but only by the slimmest of margins. It is going to be interesting today, to see how this plays out from here. Gold is currently trading at $2,930.95