While is still strong positive sentiment in the marketplace, there are still some firms who remain bearish on gold prices. Last week Goldman Sachs made headlines as the bank’s analysts said they still see $1,000 gold by the end of the year, and this week it was BNP Paribas’s turn as analysts remain firm gold will fall to triple digits in the year.

The latest price action could also be the cracks starting to show in gold’s lustrous veneer. In an interview with Cambone, CME senior economist Erik Norland said that gold could have less room to rally in the near term as the latest rally has been driven by shifting Federal Reserve interest-rate expectations. “The fewer Fed rate hikes we have, the better the news for gold, but the problem is that move in interest-rate expectations is probably mostly behind us,” he said.

Of course, many analysts see the price action as a healthy correction and are still optimistic that continued uncertainty in the global market will support safe-haven demand. This weekend, the G20 -- the 20 largest industrialized countries -- will meet in China and there is not much hope that they will be able calm markets, which could be good for gold.

Also this week is Super Tuesday so we could see who the 2016 presidential candidates will be as a large number of states will hold their primaries or caucuses.

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