Gold is up $24 to $1225.
Here’s why gold is more than 2% higher today:
The gold bugs are still out there but they didn’t want to show gold holdings in year-end filings. In addition, everyone was selling losers into year-end for tax purposes.
With the turn of the calendar, the buyers getting back into position and putting an early squeeze on the shorts. Technically, the move breaks the minor downtrend since October and there isn’t much to halt the upside until $1250. There are also technical reasons to buy after the bounce from $1180 on Monday.
Gold daily chart
