Gold still pausing for breath

The failure to reclaim the $2k handle gain for Gold, saw the metal drop back to as low as $1,9778.90 just ahead of the 4pm London FX fix yesterday afternoon. It did rebound from there to later close in the US at 1,985.78. The range so far today has been contained within the bounds of that seen yesterday, with $1,983.30 to $1,989.12 covering so far. The latest flow-show data from leading players suggest outflow this week and that is surely all about profit-taking, as has been noted here a few times this week. Of course some might argue gold should have done better, given the drop in the dollar and US yields. However, as pointed out again yesterday, we have to remember how  far it has already come from the October lows at $1,810. Gold is currently trading at $1,987.60