A weaker dollar and more signs of rising Chinese gold demand ahead of the lunar Chinese New Year have helped to boost the gold prices, given the large amount of shorts in the market.
Tomorrow morning markets will react to the release of the November unemployment number. This release will be watched very closely as market participants look for clues for when the Fed might taper its $85 billion a month bond buying program.
FEB14 gold shot up this morning, trading up $27 to $1,261. $1275 is our next key target and resistance level. Gold now looks like it could have some momentum to the upside, and possibly approach $1,290.
Paul Volcker said he wasn’t involved with writing the final version of the rule that bears his name.