Gold-is this the breakout the bulls are looking for?
Gold bulls have had a tremendous few days after months of frustration. Gold is up just under 5% since this time last week, and is currently closing in on its all-time record high hit back in early December. This was when gold suddenly surged in a low volume, illiquid, post-weekend Asian Pacific session to hit a record high just under $2,150. It subsequently reversed its whole move, and more. Are we about to see something similar? It’s always possible. But it just doesn’t feel like it. Gold has been building a base ever since it broke back above $2,000 in mid-February. Upside momentum has also been building steadily. While a pullback from current levels is certainly possible, if not likely, it would be surprising to see gold give back all its gains from last week. In addition, the world’s biggest gold miner, Newmont Corp, had another strong session yesterday, adding over 5.5% while silver jumped 4%. All this while the dollar did nothing.
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