Goldman Sachs on gold, followed by comments from UBS and Nomura, plus a separate report by Morgan Stanley.

David Fuller's view We know that market opinion is divided when markets are rangebound. You know the Fullermoney view on gold (weekly & daily), and briefly, we are in the 16th month of an average 21 month pause following the bigger overextensions such as we saw in September 2011. Today, interestingly, we are close to an upside key day reversal from an oversold position on the daily chart as I draw down this data before Friday's close.

The tedious US Fiscal Cliff remains a distraction but the action in gold is broadly positive and on schedule for a big upside move next year. That said, I will give a sigh of relief when gold establishes itself above $1800.