Gold continues to try and confirm a bottom from Thursday’s low of $3,121

Gold continues to try and confirm a bottom from Thursday’s low of $3,121. That low completed a $379 or 10.8% decline from the recent record high of $3,500 that was reached in April. On Friday, gold triggered a potential one-day bullish reversal and established a higher daily high of $3,252 and higher low at $3,154. The breakout was not confirmed though as gold is set to close with a loss for the day and well below yesterday’s high. Nonetheless, these are signs of strengthening and they reflect slowly improving demand.