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Gold sideways so far today after setting higher daily close

On Friday December 22 gold closed at $2,053.08 after reaching a new rebound high, at 2,070.64. Those moves were noted in an update here yesterday, as was the fact that the metal had held a breakout move above 2,048. Well, it did fall back yesterday afternoon, but the low seen did not take out the previous daily close, when it based out at 2,054.55. The rally that followed saw the metal rise quite steeply last night and later closed in the US at 2,067.81. It has traded a little lower so far today, but not by much and the price action ahead of the European opening has been sideways. The range seen so far today has been covered by 2,064.03 to 2,068.67. Of course the next hurdle remains the high seen last Friday, at 2,070.64 and support is still at 2,048. Gold is currently trading at $2,065.50
 

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