Gold stalls short of technical resistance level

An update here yesterday afternoon reminded the reader of an important technical level in Gold. That reminder came as the metal was edging higher, above $2,718. The price action that followed saw it push above $2,720 and eventually reach a high at $2,724.76. That high came just after the European close. Gold later closed in the US more than $10 lower, at $2,714.31. The double top on the daily charts was noted again at $2,721 and $2,726. Well, as you can see the metal stalled before it got above the upper end of that and it is clear there were sellers up there ahead of any potential upside breakout. The range seen so far today has been covered by $2,709.99 and $2,717.39. There will be more to add on Gold as the session unfolds, but for now it is still rejecting a break above $2,726. Gold is currently trading at $2,712.45