Gold briefly whisked through $1620 to the highest since Monday.
Gold has traded opposite the US dollar for most of the week. A strong US retail sales report early in the week knocked back expectations about quantitative easing and hindered gold. Soft US data and euro strength have now reversed the trade.
A cluster of resistance begins at $1626 and extends to $1641. It’s is difficult to envision a breakout until there are clear signals on QE3. It’s just one of the many markets that are likely to begin trending after the events of early September.
