by Alasdair Macleod, Schiff Gold:

The technical position for gold is looking very positive for higher prices. But technical analysis should be backed by fundamentals.

To a large extent, fundamentals are in the eye of the beholder, whose opinions in any situation can vary from positive to negative and everything in between. But even for the economic optimists, there are gathering clouds on the horizon likely to continue undermining the global economic outlook, the dollar, and all financial asset values. Fiat currencies are being downgraded relative to real money, which is gold.