I forgot to add - anyone interested in seeing gold go higher should be praying for a resolution in the Ukraine. It sounds counter to conventional thought process, but it's not. The major reason for golds current weakness is due to heavy capital inflows into the USD from Europe. The hot money is very evident in the continual rise of USTs and equities - which on the whole should be feeling the pinch from the ending of QE and an imminent rate hike - the first since the GFC.
The current COT data for the Euro becomes extremely interesting for the POG - as you'll see the commercials (smart big boy money) have been increasing their longs into the USD rally. At some point - maybe easing tensions in the Ukraine - the Euro will snap back and have a massive rally. This is where we will find a top in the USD and a bottom in the POG.
Currency markets are much larger than commodities so smacking down gold is easy with USD strength, when that strength ends...snap!
