Gold Update

Gold is looking bullish at the moment. Fundamentals for gold include: currency devaluation, low real interest rates, uncertainty with the fiscal cliff and debt crises, and uncertainty in the Middle East. This is a seasonally strong period for the precious metals with all the celebrations in various cultures around the world. I’m looking for a test of $1800 within 1-2 weeks.

The following is a daily chart of gold:

The etf, GLD, options action looks bullish as call open interest and volume > pull open interest and volume.