Friday rally sets up gold price breakout

Gold futures have now rallied more than 18% from the intra-day low of $1,182.60 an ounce on hit on June 28.

Gold's fight back from multi-year lows comes on the back of:

Strong physical demand from Asia and around the globe – according to a World Gold Council physical gold buying increased more than 50% in the second quarter.
Dithering by the US Federal Reserve over the timing of the winding down of its stimulus program – as long the the $85 billion a month in easy money continues to pour into markets it boosts gold and hurts the dollar.
The end of the great gold-backed ETF liquidation – Standard Bank in its daily research note, puts it this way:

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