Look for gold to take a breather before the next leg up. It will not take much in terms of a rally to cause the 50 DMA to cross through and above the 200 DMA. Gold needs to push thru the $1,820 level and we should quickly be challenging the $1,850 range. At that point traders will start looking at a “Golden Cross”. The “Golden Cross” is a very strong buy signal in gold. We do need to see a close above $1,820 for some confirmation that the gold rally is going to follow through. The US Dollar and of course the Treasury yields are markets that you must pay some attention to. I’m somewhat surprised by the recent big move down in yields. I think rates need to move higher over time and that inflation is unavoidable regardless of rate hikes. Inflation will be the catalyst that takes gold back above $2,000 and beyond to new all-time highs.