Gold futures continued their impressive rally on Tuesday, with front month Comex gold for February delivery surging $67.80 per troy ounce to settle at $5,071.60, marking a 1.35% gain.

Gold fell by $34 per ounce on Tuesday, closing at $5,023 still near a two-week high as recent US economic indicators reinforced expectations for Federal Reserve policy accommodation.

Gold and silver broke back above the key levels we had spoke about on Friday as being critical to avoid being trapped in a range and experiencing another pullback. That level in gold was $5,000 which gold traded above today after opening at $4,989.