Gold rejects a rebound above $2,710 and falls back today

On Friday an update here noted how Gold had stalled earlier during the Asian session just above $2,710 and risked setting in place a double top on the daily charts. The metal had stalled just above $2,710 late the day before. Well, the price action that followed on Friday did see Gold reclaim the $2,700 handle, but it could not break the prospect of setting in place a double top on the daily charts, because it stalled on Friday afternoon at $2,704 and fell back into the US close. Gold later closed the week at $2,684.77. Overnight the metal has fallen back further and it seems the rebound in the USD/JPY again has helped to push it lower. Gold has fallen back to set a low earlier, at $2,666.57. It is off that low right now though, but a fall below $2,643 from here on would confirm that endorse that noted double top on the chart. Gold is currently trading at $2,672.15