Gold up $18

I think the reflation trade is about to come back to life as infrastructure comes into focus and Powell emphasizes patience on tapering/raising rates.

The bond market also offering a helping hand with 30-year yields giving it all back today, down 5.5 bps to 1.98%.

Technically, it's stalled out right at the confluence of the 200-day moving average and the 55-dma but the larger feature for me on the chart is the break higher today after a week of doji stars. It will take some help (perhaps strong retail sales on Friday?) but there is plenty to like in the chart.

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