Gold: $1,300 Is Now Support

Gold to me still looks pretty strong. We broke out above $1,300, we didn't have a huge surge but we held 1,300 and we didn't go back below it. We've held here all week and to me 1,300 is now the support right what used to be resistance is now support. Where is the next resistance? I would guess up around 1375-ish which I think was about the high last summer. (SPDR Gold Trust ETF (GLD), Market Vectors Gold Miners ETF (GDX), Market Vectors Junior Gold Miners ETF (GDXJ), Barrick Gold (ABX), Newmont Mining (NEM))

Video: Gold Outlook

Peter Schiff talks gold and precious metals.

Gold & Gold Stocks (Market Vectors Gold Miners ETF (GDX), Market Vectors Junior Gold Miners ETF (GDXJ), SPDR Gold Trust ETF (GLD), Newmont Mining (NEM), Goldcorp (GG), Barrick Gold (ABX))

I think now that we have cleared out that $1,300 resistance there are a lot of people that thought there was no upside in gold, well they're about to find out just how much upside there was.  I think of course even bigger moves are coming in the gold stocks. (Market Vectors Gold Miners ETF (GDX), Market Vectors Junior Gold Miners ETF (GDXJ), SPDR Gold Trust ETF (GLD), Newmont Mining (NEM), Goldcorp (GG), Barrick Gold (ABX))