Gold steps back again

As noted here yesterday afternoon, gold had managed to reach a session high just above $2,743 and it was falling back after the latest US jobless claims fell more than expected. Well, that fall later extended slightly into the US close, when gold ended that session at $2,736.17. The metal has dropped back a bit more so far today and the current rebound in the USD/JPY, towards 152 again right now is keeping the metal close to its current session low, at $2,724.00. However, beyond the very short term gyrations, there is no doubting the strength of the underlying trend. The noted topside trend line resistance keeps rising each day and this morning that is in place at $2,769. Naturally, that is well above the current price and not yet on the radar. You will be alerted if it becomes so. Gold is just now lifting off the lows a bit more, currently trading at $2,728.65