This isn’t all too surprising as we’re hitting a key milestone for gold. I mean, it’s pretty much typical with any asset when running up against a major psychological level. Gold is now back down to $2,987 but it doesn’t mean that buyers are no longer in charge.

There’s a good run back towards the 100-hour moving average closer to $2,930 and so even with some profit-taking, the near-term bias will continue to hold more bullish for gold for now.