One can clearly see the great effort being applied to thwart the metal from breaking higher. In a freely traded market, it would have already done so. The US monetary authorities are clearly terrified over the implications of a new all time high in gold as it would be the clearest signal yet that their QE policies are highly inflationary.
Goldman and Morgan are going all out to prevent the plethora of headlines that would accompany such a significant development.
Click chart to enlarge in PDF format with commentary from Trader Dan Norcini
For further market analysis and commentary, please see Trader Dan’s website at www.traderdan.net