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The gold market pulled back quite a bit on the Wednesday session, but still looks very strong. In fact, both precious metals that we cover did the same thing: they essentially pulled back in order to search for levels from which they broke out from. This is classic technical analysis and we think that this simply should attract more buyers into the gold market at roughly the $1640 level.
On the first signs of support at that area, we are more than willing to go ahead and buy gold as it should continue much higher at this point. The Friday speech by the Federal Reserve Chairman at the Jackson Hole meeting on Friday could be pivotal for the future direction of this market. If there are any signs of quantitative easing, gold should absolutely skyrocket.