Gold priced in yen hit a 32-year high today.
A closer look at the chart shows a more precarious position. The short-term chart narrowly ticked above the February high after a false breakout to the downside early last week. Oftentimes false-breakout reversals can be extremely powerful but until it gets comfortably above the February high, it’s not quite fair to bet that it will continue surging.
I have been a gold bear for awhile but the non-farm payrolls report takes away the near-term risk of Fed tapering and is likely to lead to a continued rally.
