Using a supercontinuum pulse as a probe, we have measured the transient reflectivity spectra of a thin film of gold for different values of the pump-probe time delay. The wavelength x at which the measured transient reflectivity changes sign has been found to depend upon the time delay, leading to bipolar time resolved signals. The time dependence of x has been shown to be consistent with calculations that take into account the full dependence of the reflectivity upon the electron occupation number, and to contradict qualitatively a model in which the signal is assumed to be directly proportional to the occupation number. The shift of x has been found to persist at time delays that are much longer than the time required for the electrons to thermalize. Therefore the bipolar reflectivity signals do not necessarily contain a contribution from nonthermalized electrons, as has been previously assumed.