Gold on the rebound now

Over the course of the past two hours since the European stock market opening, Gold has been on the rebound and just now it lifted above $2,300. That is more than $10 above where the metal closed last night, at $2,298.23. Gold has just reached a session high at $2,312.02. It might be trying to edge back to a former breakdown level at $2,316.82. That remains to be seen and of course the US data this afternoon could have a bearing on how the price action plays out from here today. Overall the daily chart dynamic continues to favour the downside, but that never precludes the possibility of rebounds such as we are seeing right now. Gold is currently trading at $2,311.95