Wow, what a day! Gold burst through $1,764 like a hot knife through butter. The market was sleepy and quiet around midday and then boom in 10 minutes the gold price is up $10.00 and through resistance just like that.
Here is a look at the daily chart I have been following:
Silver underperformed today, which is slightly worrisome. If this isn't a false breakout for gold, silver should play catch up soon and have a strong day.
Platinum and Palladium both outperformed gold today, each trading over 2% higher. Platinum is now up over 23% YTD!
I suspect that the $1,764 level for the gold price will now act as major support. Jim Sinclair wrote tonight that gold's advance will now transform from an arithmetic rise to a geometric one. If so, it seems to have come at an apt time -- what with confrontation in the Middle East and all the QE by central banks.
I told myself that if the gold price broke out above resistance that I'd increase my position in the junior gold mining sector and I did so today.
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