Sentiment, my friends, is what drives gold up and down. Not the Fed easing cycle, inflation, manipulation, or the myriad of other reasons the media gives as to what drives gold.
In the gold market, the 18-day moving average of closes is the point of resistance. I think you are at the culmination of a leg of short covering after a huge break in the market.
Market sentiment matters, not fundamentals. Once the market is able to break out through 4375-4401SPX resistance, it will suggest that we are likely on our way to 4800SPX.
