Gold recovers from Asian lows

Yesterday, as covered here at the time, gold rebounded from a session low just above $2,311. That rebound later extended past the prior interim peak around $2,333. However, despite rising above that level, the metal only made it to just above $2,337 and fell back into the US close, where is ended the day at $2,316.17. Earlier today a mini break below that prior low at $2,311 delivered a fall to a low at $2,305.20. However, it has rebounded again since then and lifted back above $2,320. The price action seems to suggest swings in both directions are all about short-term stops in place at extremes either side of that price action and little more at this stage. Gold will be more in play later today though, when we have some important US Q1 GDP released, at 12.30pm GMT. It is currently trading at $2,320.90