Gold Shines In 2016

Gold futures are trading higher by $13 at $1073.20 in Monday's session. The contract is responding in the way it should when the markets are in turmoil. Early in the session, it found support just above Thursday's close ($1060.20), only reaching $1061 before turning higher. So far, it has rallied beyond the upper-end of its eight day roughly $20 trading range ($1060-$1080), reaching $1083.40. The contract has not closed above $1080, since December 21 close ($1080.60) and may be the key technical to clear on a closing basis to validate a sustained move to the upside.