Gold is ready to launch...again

While remaining flat during the day (perhaps as everyone's attention was on crude), gold began picking up late in the afternoon and has continued to rally into the Asian markets. Gold broke $770 and the next target (top of next box) is $790, at which point speculation will push gold past $800. But with euro/yen and stocks selling off (mentioned in previous post), gold and silver will have to withstand some potential stress.

[Gold futures: one-month chart]