The gold bulls have been holding on for dear life lately. Whenever there is a huge one-way move like we saw in gold this month, there is always the risk of a sharp pullback.

The seeds of that looked like they might be planted this week as other assets were hit by some decent profit taking. Ethereum fell 7.5% today and some high-flying tech stocks have been cut down. Moreover, the rise in Treasury yields is a direct drag on growth as riskless investments pay better and the US dollar is up over 1% in the past two days.

But gold has shined, particularly today. It’s up $18 to $3751 on a tape where nearly everything else is red. My guess is that Asian markets see that resilience and chase it higher. Technically, a break above $3762 would be a greenlight.