David Fuller's view

Gold futures purchased. 

Gold’s rally from the yearend low peaked in mid-March with both a key-day and also a weekly key reversal, both of which you can see on these charts (daily & weekly).  The subsequent retracement has been sharp and persistent, creating a short-term oversold condition as I mentioned in Tuesday’s Audio.  Gold is also back in the upper region of an area of potential support.  Today’s action shows some evidence of demand returning although it is far short of an upward dynamic which would provide clear evidence that demand is returning.  I opened a long this afternoon, paying $1292.6 for a June position.  This price includes spread-bet dealing costs.