Gold Spikes Above $1200, Breaks Key Technical Resistance On Heavy ‘Safe-Haven’ Flows

Gold buying began at the European open and accelerated after the weaker than expected CPI print, snapping above $1200 and extending gains on notable volumes.

Volume is well above average.

Gold futures – after 5 days of testing and failing – have finally broken well above their 50DMA.

Notably the dollar is not plunging (it did spike lower on CPI but rebounded).

Silver is also on a tear…showing the EU open and CPI print spikes more clearly.

Spiking back above $14.50 on heavy volume…

Gold is now the only asset-class higher since The Fed hiked rates in September.