Gold surged higher at the start of this week after tensions in the Middle East escalated once again, breaking the previous record high at $2,075 and establishing a new high at $2,144-45. But made a strong bearish reversal the next day and the situation is looking increasingly favorable for sellers. Today we saw a spike after the US employment claims, but that faded and another reversal followed, showing that sellers remain in control and are using retraces higher to get a better entry point.