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Gold stalls above $2,047 again

On December 14 gold topped out at $2,047.93. It came close to that high yesterday, when it topped out at $2,047.01. So in effect that has set in place a double top above 2,047. The metal later backed off a bit and closed in the US at 2,040.25. It has traded a range so far today, covered by 2,036.82 to 2,042.44. Looking at the daily chart on the this one, a break above 2,048 looks like it could extend and possibly quite a way too, but we shall have to see on that. Once again the price action in the USD/JPY will play a part in dictating where gold heads to from here, but as we saw yesterday, the metal seems less influenced by that for the time being. Gold is currently trading at $2,041.20 
 

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