Dear CIGAs,

Gold continues to meet with concerted selling near the $930 level (according to the latest Commitment of Traders report – that selling is coming from the bullion banks – no surprise here). This level has been tested once and held – should it be tested a second time and give way, the momentum to the upside will increase. Currently gold is seeing more of a grinding move higher rather than a strong uptrend. I am of the opinion that will change if $930 gives way on a closing basis.