by Adrian Ash:
"...Trading volume in US gold futures yesterday hit a new 2012 record according to Reuters data, leaping to 484,000 contracts and breaching both the previous high of late January and the current level of open interest outstanding.
“Gold continues to consolidate the last leg down, trading sideways for the past 2 weeks,” says strategist Russell Browne at Scotia Mocatta, also pointing to $1522 as support.
“The lows near $1520 underpin our greater bullish view for gold,” agrees a note from Barclays, also a market-making bank in the London gold market.
“Near term we expect a range to unfold under $1620,” says Barclays, adding that the bank’s analysts are “bullish for silver while above $26.00″ with an initial target of $29 per ounce..."