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Gold still capped by technical level

Upon conducting some research yesterday evening on Copper supply and the price outlook, the attention here was turned in the same vein towards Gold. According to some reports on that it was noted; that all the gold ever mined could be fitted in a cubic space just 23m square. Now that is not confirmed here, but if true it puts into perspective just now little that is in dimensional terms. We know that Gold is heavy, if you have ever had the opportunity to hold a 13kg ingot you will understand that. So, turning to the immediate price action and available supply out there, we can understand why the metal is setting records this year, particularly when driven by Central Bank buying. That said, the metal has stalled its progress most recently and yesterday it came close to the $2,300 handle, when it dipped below $2,304. The rebound that followed saw it later close at $2,308.85. The rebound from that close has delivered a high so far at $2,319.84. So, that 21 day moving average, which is still falling is still capping the topside and that is in place this morning at $2,336.15. Gold its currently trading at $2,313.55

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