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Gold slipping back towards $2,350 this morning

On Friday Gold rose to its best levels of the week when it reached a high at $2,378.46. However, it was unable to hold all of that rise and slipped back towards $2,360 and later closed the week at $2,360.50. Earlier today it topped out at $2,364.55 and it has dropped back towards $2,350 this morning. The low seen so far has been set at $2,351.38. The first support below $2,350 is likely to be the 21 day moving average (right now at $2,337.50). If you remember, it was that moving average which had capped the topside for 7 trading days, before the breakout last Thursday took it through the level. Gold is currently trading at $2,352.45
 

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