Gold sets a technically negative daily close

The more than $110 slide in spot Gold yesterday, was then followed by the noted, electric rebound, which saw the metal rebound from around $3,054. That rebound extended to just above $3,135. However, it was not able to hold that rebound as the US stock markets tanked again. It looks like sellers once again felt the need to offload the metal in order to meet margin calls on stocks, or merely just cover mounting losses there. So, gold dropped back and later closed in the US at $3,115.34. So, technically speaking that was a negative outside day reversal and from what was a new all time record high seen earlier in the day (3,167.84). Today, gold fell back again earlier. The low seen was set at 3,087.26, but it has rebounded again since then. Look, it really all depends on how those stock markets fare today, as to whether there is more liquidation of gold holdings, or there is fresh haven based demand. All this does look to be in the balance right now. The high seen since so far today is at $3,116.72. Gold is right now at $3,108.60