Gold treading water so far today

On Friday Gold did manage to just surpass the noted rebound high it had set last Wednesday, at $2,929.94. However, it did not get much above that level, peaking ahead just after the 3pm London Gold fix, at $2,930.31. The fall back from there which followed saw it fall back close to the $2,900 handle after the European close. The low was set at $2,902.10. Gold later closed out the week in the US at $2,909.10. The price action overnight and so far this morning has seen the metal trade a range covered by $2,907.09 to $2,918.33. Looking at that relative to the past 4 trading days, it is pretty sideways to be honest, but that sure does not mean it will stay that way as this week unfolds. Gold is going to be sensitive to risk, or the lack of it and once again it will also be keeping a close eye on the US treasury bond markets. There is also the prospect of an interim double top being set in place around that $2,930 level. Gold is currently trading at $2,912.90