Gold seems to be running into something above $2,655

If you look at a chart of the price action on gold this week, you will see it topping out around $2,655 at least 3 times. It did that again yesterday and so far today it looks to have done the same. Gold had lifted to a new high on the week yesterday, at $2,657.21 and closed last night at $2,649.90. A short while ago the metal had a look above $2,655 again. The 50 day moving average is lurking just above the recent highs, in place right now at $2,668.45. In fact that has been guarding the topside since the price busted below it on November 25. So, beyond the recent highs this week, that looks like the more important level to note. On the downside we have rising trend line support at $2,637. At some point one of those levels will give way to the other. The range seen so far today is $2,644.73-$2,655.54. Gold is right now at $2,647.15