Gold Surges Higher

The gold market rallied sharply today closing above the recent trading range. The ETF GLD which tracks gold showed a nice increase in volume confirming the breakout. You'll notice that the recent consolidation developed right at key support (green line)  which tells me that the bulls are once again in control of this market.

If you look at the commitment of traders data (not shown) you will see that the commercials are holding a bullish position relative to their recent activity over the past 2 years. In my opinion I feel we will see gold move much higher in the weeks to come.