Gold steps back from a move just above $4,600

A little earlier this morning gold sailed past a technical correction level we noted in a previous update. That was at $4,574.42 and two be honest, it offered almost no resistance whatsoever. So, once above that level Gold extend further on the topside and it has since traded above the $4,600 handle. The high seen was set at $4,601.97, but it has stepped back from there now, on what looks like little more than profit-taking at this stage. The next technical correction level on gold is $4,769.38 (50% Fibonacci point), but it is going to take something to see that reached this side of the weekend. 

The move higher in Gold was accompanied by a test of the $70 handle in Silver, but so far that level has capped the topside. The high seen was set at $69.99 and that has since backed off too, probably for the same reason. Gold is right now at $4,581.75