While the charts in gold tilt in favor of the bull camp, the upward bias is likely a simple drift toward the top of the last month and a half consolidation pattern.

Outside market influences early today are offsetting with supportive treasuries countered by minimal strength in the dollar.

The gold market is likely experiencing some headwinds following the release of the World Gold Council's latest report. In fact, global gold demand fell by 5% last year even without including the negative demand registered by outflows from ETF and OTC gold-based instruments...[MORE]

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