Gold sets in place a negative outside day reversal from a record high

The rebound in Gold seen and noted here yesterday saw the metal rise from a low at $2,881.79. However, that rebound could not get back above $2,910, despite quite a few attempts to do so. Gold later slipped back into the US close, where it later ended the session at $2,897.91. That was a marked negative outside day reversal for the metal and it is well demonstrated by a daily candle chart, if you care to take a look at that. That outside day reversal also came after a blow-off move to a new all time high, at $2,942.68. That said, Gold has not yet taken out the low seen yesterday, but it has come close. The low seen earlier was set at $2,883.83. The fact that it set a negative close, from what was a new all time high could have a further impact on the price action today. We shall have to see, if that is the case. The first alarm bell on that would be a drop back below $2,881.79. On the flip side of that prognosis, a rise back above $2,910 from here might just alleviate that outlook. The high seen much earlier today was set at $2,900.84. Gold is currently trading at $2,890.05