Gold and the QE War?

This is going to an interesting week for gold.  We expect some currency fireworks as the Bank of Japan draws a line in the sand for the Yen around the 80 level.  Will the Japanese respond to QE2 with more of their own QE?  If the Fed is aggressive and the Bank of Japan responds in kind, this could be a big week for gold.   We expect to see $1,400 this week and will change our view if gold closes below its 21-day EMA at 1338.   Stay tuned!

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