I am more enthused about this.
The background is that Gold and Bonds were sold off globally a little pre emptively
from Bloomberg
In the past week Bernanke’s gotten in front of every microphone he could find and gotten the market to realize that we shouldn’t have priced out QE3 and even if you don’t think it’s going to happen you have to attribute some sort of probability to it, and that he’s going to stay accommodative and potentially increase accommodation,” John Briggs, a U.S. government bond strategist at primary dealer RBS Securities Inc. in Stamford, Connecticut, said in an interview on March 28.
In other words the market is now considering QE3 as a possibility and that in fact makes sense. QE3 would mean a lower US dollar which is in effect a pay cut for the whole US - with unemployment so high they need a something to kick their competitiveness along. And that is good for gold.
Seems to be supported by the XAU chart (GOR overlaid) While the MACD hasn't confirmed a trend reversal yet - it is getting awfully close.
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