The gold market attempted to catch its breath after a phenomenal day of trading yesterday. Registering a 5.42% round trip, the price of gold obliterated the prior swing all-time-high around $2081 only to retrace the move and end the day significantly lower.
The RSI surged into overbought territory and has already recovered – highlighting the massive amount of volatility experienced yesterday. Today, however, trading has been more moderate, trading below the $2050 level but the uptrend remains well intact and well above the 200-day simple moving average (SMA).