The gold bulls have made several attempts to break $1700 so far in 2013 but have been turned back each time. The 55-day moving average (at $1694 today) is also capping rallies.
The high so far this year came last week at $1697. However the dips are getting shallower and a slight nudge could now push gold through the big figure. Beyond that there is some minor resistance at $1703 before the topside opens up.
Fundamentally, I don’t see a compelling reason to buy gold with inflation so low but the prospects for a technical break are enticing.
