On Aug. 1, 2013, December 2013 Gold (COMEX:GCZ13) opened at $1,323.40 an ounce and closed the month at $1,396.10, a $45.70 move. This past week gold opened at $1,393.60 and the close again was $1,396.10.
Now while some of the daily moves in gold may have been caused by tensions with Syria and a possible U.S. military strike, what else moved gold up to break above $1,400 and test $1,420, a previous area of resistance? First let me say that markets do not move because of some chart pattern you see, or some technical line crossing another technical line. Markets only move on buying and selling. And the biggest buyers and sellers can be watched each week on the COT Disaggregated Report.