Is gold running out of steam now?

Gold got crunched yesterday. The fall came as US stocks opened higher and we saw fresh records here in Europe for the DAX and the FTSE 100. So, Gold seemed to trip stops and accelerate once it dropped below $2,850. That acceleration led to a low at $2,834.26. It subsequently rebounded into the US close, ending that session at $2,856.28. The price action so far today has seen it extend that rebound, to a set a high at $2,870.62 earlier this morning. That high actually came after the USD/JPY had already fallen below the 151 handle. It is backing away from that high now and the question here today- has the record run in Gold now run out of steam? Well, there are increasing analyst calls for the metal to reach $5k now and that is often a bad sign to be honest. Of course it might rise further and $3k is clearly the next major barrier. As far as today is concerned much could depend on the US jobs report, yields and the dollar, as to whether the metal can reach a fresh record above the current one seen earlier this week, at $2,882.35. Gold is currently trading at $2,861.40