Plenty of opportunities for profit taking
The spike higher in gold that started in mid-July was the largest move in recent history so it would have been no surprise to see a pullback afterwards.
Instead, we've seen a series of mini-pullbacks met by solid buying. It's the same thing today as gold has rebounded to $1983 from a low of $1966. It's on track for the highest close ever today and just a few dollars away from yesterday's early high at $1988.
I take the latest price action as a good sign of real demand that's bolstered by another decline in US Treasury yields.
