Intraday high still $10 away

Gold chart

Gold is up $12 to $1756 on the day and at that level it would be the highest close since 2012.

The intraday high of $1765.43 is the more-important level. It was reached on May 18 but on that day after tagging the high, gold reversed to finish at $1732 and we've been stuck in the range ever since.

A break higher could spark a massive run in gold. All the conditions are aligned with high uncertainty, massive monetary easing and unprecedented government spending. All it needs now is a bit of momentum.