The seasonal tailwind continues to blow
Gold broke out of its recent range yesterday but it came on a holiday, which can be a conflicting signal. In any case, it's up another $5 to $1331 today, well-above the $1326 January 31 high. A close above it would be a further, final confirmation.
What's fascinating is that this break comes despite better risk sentiment and strength in the US dollar. USD is the top performer so far in February. If that reverses or trade war risks flare up then the trend could accelerate.
One thing that has been helping gold is a seasonal tailwind that started in December and runs through through month-end. Unfortunately there are only 9 days left in the month so the gains could be coming to an end.
Technically, there isn't much standing in the way of a run to $1350/65, which is the high from last year.
