Gold’s up around $18 from the Asian lows of 1640 with a recent high of 1658.15 in an extension from yesterday’s rally after the 200 dayMA around 1636 was broken.
CTA’s and macro accounts led the move initially but there’s been a marked pick up in physical demand out of Asia.
With Crude prices also firming again amid tensions over the US/Iran sanctions and Nigeria’s threatened strikes, the sentiment looks to be firming again for Gold. (WTI Crude’s up around $1.25 from Asian lows around $101)
There’s some tech resistance ahead up around the Dec 13 highs of 1678.25