Gold Update

Spot gold holds at $663.50/oz, after trading in a $657.80/$664.30range.

Despite all the bullish factors there seems to be some invisible force capping us around $664/$665.

Gold topped out last Thursday at a nearly three week high of $666.60 and then closed the week around $656.50/75.

Once $672 is cleared, that should give us the legs to push to $700, while on the downside, a break under $640 might see us back towards $605,

In terms of existing positioning, Friday's CFTC data (positions as per March 20) showed that the non-commercial longs have taken nearly 6.2mn ounces out of the market and we are only $25 to $30 bucks lower - which is "positive" for gold.