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Gold rebound nails 21 day moving average resistance
Since my last update gold has rebounded well. The recovery started ahead of the US stock market opening when it reclaims the $1,950 handle and then it went onto rise above $1,960 after stocks resumed live trading. The high set a short while ago was at $1,964.95. That is right on the current 21 day moving average, now at $1,964.98. That price point seems to have capped the topside move for the time being and of course the metal has already bounced off the lows today by $20. The question now is whether or not that 21 day moving average will remain intact ahead of the close tonight. Gold is just now trading at $1,961.80
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