Gold stalls again at $2,000

Yet again, gold bulls have been thwarted in their attempts to push the price above $2,000, and then see it hold this level as support. Currently, every attempt has failed just below $2,010 as buying momentum fades. Today we’re seeing a deeper pull-back, and while gold has so far held the $1,975 level, there is a danger that there’s a bigger test waiting around $1,950. A break below the latter would be pretty devastating for the bulls given their efforts so far to push gold higher. Many gold bulls have convinced themselves that a fresh record high is imminent. But it looks like they’ll have to continue to be patient, and be determined to defend $1,950 with everything they’ve got.