Gold is at a one-week high of $1621 after falling as low as $1609 at the outset of US trading.
In the past five attempts above $1620, gold has failed to hold the gains for any significant amount of time. Within a week, the average decline below $1620 has been $51.60/oz.
Tough to envision a genuine breakout in gold until there is some clarity on QE3.
Separately, Reuters has an interesting story showing the proliferation of cash-for-gold stores in Italy as the economy worsens.
