From today's Gartman Letter...... (1-19)

"As for gold, we shall continue sitting tight. We know of nothing else we can do at the moment, and we are content seeing gold trade at or very near to €790 and £690. Note then again the chart of Gold in Sterling terms at the upper left of p.1. The trend is clearly moving “from the lower left to the upper right,” with consolidations along the way. As is quite reasonable, gold has consolidated either side of £700 in recent days. It shall take a movement upward through £715-£720, however, to mandate that we add to the position again. We’ll do nothing then for a while, awaiting what we believe shall be the inevitable movement upward through that resistance, but also cognisant of the fact that we’ll take defensive action should £680-£685 be taken out to the downside."