Spot gold

Spot gold should retest its 200-day moving average at
$1,630.15/oz in the next few days, after which it may also see a retest of its
55-day moving average at $1,686.79/oz, according to Commerzbank analyst Axel
Rudolph. "Our late-2011 scenario of a major top forming therefore has to be put
on the back burner for now until last week's low at $1,522.48/oz gets fallen
through," he says. Still, Rudolph says Commerzbank will remain medium-term
bearish as long as the gold price remains below the December high at
$1,763.42/oz. Spot gold is up $25.50 at $1,590/oz