Gold futures continue to trade under pressure. Today the most active February contract is currently down $10.80 and fixed at $1549.30, which is a net decline of 0.69%.

This was a volatile week for gold. On Wednesday gold traded to its highest level in seven years. After breaking above $1600 trading for a brief moment up to an intraday high of $1613, before breaking and closing below $1600 per ounce.

With gold off a little over $60 from the highs achieved yesterday, the question many gold investors and traders are asking is, where to from here? My sense is that the undertones of gold pricing remains extremely bullish.