Gold runs into a serious bout of profit-taking after setting new records on Friday

On Friday Gold ran into its first serious bout of profit-taking for some while. However that was not until the metal has charged to another record high above $2,400. Gold rose to a record level, at $2,431.52 right on the 4pm London FX fix. It was noted here prior to that, that Gold was getting seriously overbought and had already reached levels that many leading analysts projected for 2024 as a whole. The slide that followed into the European, and later US close was steep and extended to a low at $2,333- an almost $100 slide in fact. The heavy falls in US stocks on Friday evening and weekend news has not really pushed it back up that much either and that might be a surprise to some, but we have to remember just how elevated Gold had become in recent days. Gold later closed on Friday at $2,344.27. The range seen today has been covered by 2,347.37 to 2,371.73. It is currently trading at $2,356.40