Gold Update

Spot gold holds at $657.00/oz, on the low side of a $656.15 to $671.80 range.

Monday, the precious metal vaulted recent highs just under $672 to post a 7 month high at $673.20 - just shy of the July 2006 peak at $676.00.

Gold's reluctance to press higher and take out the July high prompted a rethink of long positions and eventual paring back of these positions.

Initial support at $659/$661 - last week's lows, just gave way prompting additional unwinds.