ECB press conferences and Fed/BOE printing presses are a powerful combination. Gold as high as $1641.
Minor resistance at $1647, more at $1664 (200 dma) and $1671. Support at the 55-day moving average at 1624.
The bias is bullish but longs may take profits ahead of Bernanke’s testimony on Thursday. If he isn’t dovish, gold will fall back below $1600. If he hints at QE3, we’re on the way to $1790.
