Here is the 9 year gold chart in GBP for you Brits (and others):

Stuck in a trading range but a nice move over the key line of £959 last week. The upper two blue lines represent the range of lows during the top between 2011-203 when £959 was key final support. That range was £959-1005. Doesn’t look two bad but gold is still stuck in this £909-1005 range for the while. £909 was the minimum since the rally in early 2016, actually hit twice. A further breakdown into the £700-900 trading range looks unlikely from my eyes but potentially higher GBP gold prices in future could be due to weakness of GBP rather than strength in gold:

However, when I see a rally in gold in USD, I always take a look at the Kitco Gold Index (gold vs some index of the denominator of the USDX) or gold:UDN, which is about the same, gold versus the inverse ETF for the US dollar index. This has also popped up well but not broken out, so it is still range trading:

Looking at the USDX itself, I see that gold’s recent up-move is in the face of a dollar rally, not mentioned by many commentators. This 9 year dollar chart also puts the hyped US dollar weakness into perspective: what weakness? USDX is over 96.

Gold has performed very well in the past few weeks, rising in the face of a rising US dollar, whereas in previous months it rose very little on the dollar weakness into early 2018 and then swooned as the $ turned higher. That is not the case right now. Despite this promising short-term action, the jury is still out on gold’s performance against the USD overall::