After trading in a narrow range between 1560 and 1587 for the best part of two weeks, gold finally made its move, breaking out to the upside.
As the price moved above 1587, a raft of buy orders were triggered, either due to shorts covering their positions or new longs entering the market, propelling gold up to 1598 before hitting resistance and drifting back to end the session around 1592.
This looks to be a decisive break of the range, though has not yet been confirmed by silver. Gold is currently trading around 1593 and the bulls will want to see gold build on yesterday's impressive gains and move above 1600 today.
The US retail sales numbers are the big data release today and could have a significant effect on the markets. The dollar remains below resistance at 82.5, oil is continuing its rally from strong support and equities are still showing no signs of topping out.
As the price moved above 1587, a raft of buy orders were triggered, either due to shorts covering their positions or new longs entering the market, propelling gold up to 1598 before hitting resistance and drifting back to end the session around 1592.
This looks to be a decisive break of the range, though has not yet been confirmed by silver. Gold is currently trading around 1593 and the bulls will want to see gold build on yesterday's impressive gains and move above 1600 today.
The US retail sales numbers are the big data release today and could have a significant effect on the markets. The dollar remains below resistance at 82.5, oil is continuing its rally from strong support and equities are still showing no signs of topping out.