Gold was as strong as we’ve seen it in a while, up nearly $18 on the day and trading just above an 1148.00 rally target we’d used as a minimum upside projection. Our focus was not so much on marquee numbers and drum-roll targets, however, but on certain analytical details that can tell us whether the underlying trend is healthy. The answer was an unqualified yes in bullion, although, as we saw, not in such commodity staples as corn and wheat. Crude’s surge shows no signs of relenting, and so we should expect to see prices top $100 in this cycle.
