The levels just keep falling
Gold stalled out for a time yesterday at the 2013 high of $1796 but broke through that and the $1800 barrier today. The bid just keeps coming now as it hits a fresh high at $1807, up $12 on the day.
What's interesting about this rally is that it's slow, steady and the volatility has been relatively low since March.
At some point I would expect to see a parabolic move or some $50 daily gains but until we do, I don't think we're near a top.
Technically, it's all blue skies now until the 2011 high of $1921.
The main risk at the moment is that the mood in markets turns. If stocks go south, it will be a challenge for gold to stay bid.
