The market appears to be forming a triangle consolidation which suggests further strength ahead once the consolidation has run its course.
Whilst we don't expect anything earth shattering in the minutes, we do consider that the market has priced in the start of tapering of QE from September, therefore any indication that this is premature may see dollar weakness and strength in gold.
We note that the recent weakness in equities has corresponded with strength in gold - we have long maintained that a meaningful rally in gold will not be forthcoming until we see a significant correction in equities.
The dollar is still languishing near 81 and has been in an established down trend since 10 July, also helping gold to rally.
Today's video for subscribers looks at the recent trading in more detail and our strategy for our next trade.