Gold edges higher

Consolidation continues to be the story in gold as it gains $2 today but continues to chop around $1290. It's going to take a break above $1300 or below $1275 to get the market moving.

The bulls get a bit of ammunition with the 55-day moving average about to cross above the 200-day. Oftentimes these are lagging indicators but there's a lot to like about gold as we count down to Lunar New Year.