Gold futures jumped $40 to reach two-week highs.

Todd Colvin of Mark IV Brokerage reviews the recent price action in the metals market, focusing on Gold futures. Prices rallied to end the week, closing up $40 at 4,725 to mark their highest level in over two weeks. Since the April FOMC meeting, the market has gained roughly 4%, with the bulk of that move happening in just the last three sessions. Despite the sharp upward price momentum, the CVOL index shows that volatility continues to decline, extending a trend that began after peaking in late March. Additionally, Colvin notes that speculators added slightly to their net long positions last week, though overall positioning has remained relatively flat following a large exodus in February.