Gold gives back some gains after test of $2400 ...Middle East

Gold rose as high as $2386 earlier today but has since sagged back to $2372.There is something of a 'buy everything' mode unfolding in stocks at the moment but the optimism hasn't spread to gold. It trade above $2400 in April and May but has struggled to get back above. Last week it came close before a sharp drop lower on Monday, in part due to Chinese data showing the PBoC wasn't buying.However it impressively steadied today and took another run before the latest round of selling.When I zoom out, there is clearly a period of consolidation unfolding following and impressive run in March/April. That's generally promising, though the trade is to go-with a break of $2450 to the upside or $2275

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