The day started once again with a new record for gold, as the Comex futures price had a brief flirtation with $2,000. But the rally has run out of steam and the price quickly collapsed after touching this historic landmark. The sharp correction seen in the last few hours, with high volumes, is showing that the rally of the last 10 days was a bit too fast and some investors are now taking profit.
Volatility remains high and we have now entered an interesting phase where buyers and sellers are more evenly matched, and this could lead to a consolidation phase in the range between $1,860 and $1,980.
