Buoyed by the Nigerian oil sabotage news and a weaker U.S. dollar, gold has reasserted its safe-haven attributes since last Friday.
Traders were watching a sinking dollar and the apparent diversion of petro-dollar profits into bullion (a repeat of the pattern that was last visible in the gold run of 1980).
We were definitely overdue for a correction and we are almost repeating last week's dip pattern.