Gold Jumps on Big Volume

Gold has managed to string together three good days with volume above the 50-day moving average.

Currently the Comex Continuous Gold contract (GC1!) is above $1,260.00.

It's always difficult to say with gold whether or not we should expect this run higher to continue to run higher or not.

We'll look in some charts later today - including our Schiff Pitchfork chart - where we're at and where the gold price will need to move to in order to have a better idea if gold is just moving within a range or if it really has a chance of breaking higher.

Bottom Line: Gold has made a nice move higher. However, it's still trading in a range. Until it breaks out of the range on good volume we shouldn't assume too much about what this recent move higher means.