Gold prices are "breaking out" dramatically today as the spot price has clearly surpassed and is closing above the August 24 high of $1170.10. There are technical signals now flashing signs of the precious metals turning bullish so we need to bail out of our long position in gold. Even if prices reverse over the next few days, we will be looking to buy as the potential for a strong rally is now great. Covering (unloading) my short position in gold today.
I will comment more on this trend shift in the precious metals later tonight.