Gold up $13 to $1304
Gold has been flirting with a double top at $1300 for the past week or so. It climbed through earlier this month but wasn't able to sustain it.
The breakout today is a strange one because there is nothing going on in the bond market or stocks. Aside from oil, it's a quiet market with the UK out for holiday. It could just be a run on stops.
I'm normally wary of a breakout that takes place on a quiet day like today but this is an exception. For one, gold has been hanging around here for awhile. When there was no hard rejection of the $1300 level earlier this month it was a signal that the upside was probably the way higher.
So whether this holds over the next few days or not, I expect the upside the win out.
Another part of the story might be the Fed. The broader market is looking at the storm and thinking it's going to be an excuse for the FOMC to hold off on a December rate hike.
