Gold priced in yen hit a 32-year high today.

Gold priced in japanese yen April 9, 2013

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.

Gold priced in japanese yen daily April 9, 2013

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.