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Gold still considering its options

The repeated failure of Gold to make a break above the important previous high at 2,009.41 is a theme that has been well documented in several updates here recently. Id the metal is to extend it current wave count prognosis and press towards the highs seen earlier this year, then it simply has to make a bolder move beyond that level. The problem is that it keeps stalling short of there. It did not manage to reclaim that 2k handle yesterday either, but perhaps we can blame the curtailed holiday induced session for that. Gold traded down to a low at 1,989.57 just after the 4pm London FX fix yesterday afternoon. It has not made it above 1,995 yet today. The range seen so far has been covered by 1,991.56 to 1,994.97, which is tight by any measure. It is just now trading at 1,993.80
 

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