Gold is higher today but the $21 rise to $1410 is hardly the kind of gain that will make the gold bulls rich, or confident.
Today is a perfect storm for gold bulls: the US dollar is tumbling and the Fed is probably going to print more, for longer. Since Thursday, when the US dollar rout began gold is down 0.2% even with the Dollar Index down 1.3%. That means gold has fallen in non-dollar terms.
Gold daily chart
The inability of gold to rally on a day like today shows that the market is stunted. Nouriel Roubini is predicting gold will fall below $1000, and he might be right.
