Gold on the rebound so far today

The price action in Gold was covered here a few times on Friday and the noticeable thing, as reported, was the clear evidence of a major seller pushing the price lower, when all that immediately surrounded it suggested it should be heading in the opposite direction. Well, eventually that led Gold down to an even lower low on the day, at $2,877.09. It later closed the week, at $2,882.53. It was noted here; there was a live prospect of the metal setting in place a potentially important double top on the daily charts above $2,940. The record high seen last Tuesday was set at $2,942.68 and the high seen on Friday was set at $2,940.03. The prior low subsequent to the record high was set at $2,864.21 last Wednesday. So, if the metal was to drop below that price point, it would confirm a double top has now been set in place on the daily charts. However, so far today the price action has been mostly in the opposite direction. Gold has rebounded from an earlier low at $2,878.56 and traded back above $2,905 (2,905.34 the high), before dipping below $2,890. Gold is currently trading at $2,897.10