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Gold surged past our 2nd tier downtrend yesterday after the IMF announced that India made a large bullion purchase from the monetary fund's stockpile. Gold's technicals were already working in the topside's favor, making yesterday's breakout explosive. Furthermore, gold managed to make yesterday's key topside movement without the full cooperation of the Euro and Aussie. In fact, gold's impressive breakout could signal another round of weakness in the Dollar. Regardless, gold's momentum continues to work in favor of the topside as investors and governments try to diversify their assets and decrease their dependency on the Dollar. Meanwhile, central bank meetings will be in focus for the next 24-48 hours, meaning volatility in the FX markets should increase. Therefore, investors should expect further volatility in gold, especially considering the precious metal made such a bullish movement.
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