From Taki Tsaklanos: The price of gold is up 6.1 percent year-to-date. In doing so, it is one of the outperforming assets in the first three weeks of the year.
However, the recent rise in the price of gold has the lookings of a ‘relief rally’. As the short to medium term chart on the daily timeframe shows (see first chart below) the gold price recovered after a strong decline of 20 percent which started early November.