Yesterday gold futures closed at $1899.90 after trading to an intraday high above $1901. As trading resumed in Australia, it seemed that gold prices were trying to form a base above that elusive key psychological level.

As we spoke about yesterday, the market forces and events which have taken gold to higher pricing since the end of March are still dominantly in play. The two primary forces are dollar weakness and data indicating an uptick in inflation.

The market forces and events which have taken gold to higher pricing since the end of March are still dominantly in play. The two primary forces are dollar weakness and data indicating an uptick in inflation.