Solid bounce in gold

Gold is trading $2 higher to $1766 after falling as low as $1748.

There was a round of heavy selling at the start of New York trade that has slowly been unwound in a $15 round trip.

Solid bounce in gold

On the daily chart, gold is consolidating right at the May high of $1765 and a weekly close above there would be bullish.

gold

For long term gold bulls, the lack of genuine enthusiasm from retail -- despite 7-year highs -- is the best case for buying here. I don't see any signs of a top.