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Gold rebounds in Asian trading
The slide in Gold prices extended further yesterday and that saw the metal drop to a low at $2,353.24 after the European close. A slight recovery into the US close saw it end that session at $2,364.56. The price action seen in Asia today has delivered a rise close to $2,380, from an earlier low at $2,355.91. It has backed off from that session high just now, but we are likely to see another broad range again today. That range was close to $50 yesterday and has seen similar swings each day, since this time last week. The drop below the 50 day moving average yesterday (now at $2,359.80) did not deliver a close below it and that might be important. Beyond that, it really all depends on whether this correction, from a new all time record high (set on July 17) at 2,483.73 has now run its course or not. Gold is currently trading at $2,368.75
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