Gold is closing in on some big resistance levels as USD wilts

The seasonal swing in gold continues

Gold is at the best levels since September after a $12 rise to $1353 today. It's risen in six of the past seven weeks, in part because of the seasonal tailwind that extends for another month.

Technically, gold is now right up against the September high of $1357. It doesn't get much easier from there with the 2016 high of $1375 just above.

If it can clear those levels, it will likely be a part of a broader rout on the US dollar (which may already be underway).

If that's the case, the upside could easily extend to $1500.