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Gold watching and waiting

As reported on here yesterday, Gold did extend slightly a break above the noted resistance at $2,314. That led the metal close to $2,320, but then it backed off again, trading back close to the $2,305 level. Gold later rebounded again and closed in the US at $2,317.01. However, since the US close, gold has not managed to extend, on what was a technically more positive close last night. The high seen so far today has been set at $2,317.80. The low seen has been set at $2,310.82. It is currently flipping either side of that $2,314 level right now and clearly not sure which way to head to from here. Perhaps that makes sense, with US yields not yet backing off much today and the proximity of those important risk events due later- the US CPI report and Fed policy decision. Make no mistake though; Gold is set to react today to whatever gets thrown at it by those events. The metal is currently trading at $2,312.70

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