Gold up more than 4%
Gold is at the best levels of the day, up $67 to $1620.
A big concern in the market is the mismatch between spot and futures prices. Spot is trading $60 below futures prices, in part due to shutdowns and gold mines and refineries. Shipping gold may also have gotten tougher due to the shutdown in airlines.
In addition, Goldman Sachs is talking about gold rallying to $1800.
Technically, I highlighted the break of the 38.2% retracement yesterday and now it has climbed above the 61.8% retracement. If it can close up here, that points to a rebound all the way to $1700, if not beyond.
