Tuesday November 26, 2013 08:46
Gold retested the overnight 1225.7 into the New York floor open but after being unable to follow through a reversal ensued. By mid morning Gold found itself more than $15 from the lows and trading at the 1242-45.6 pocket as it headed into the December option expiration. With a marked floor close of 1241.2, the metal had failed to press lower and wasn't done yet. By the end of the electronic session Gold had tested a high of 1254. Today’s session high has been 1257.8 as it has found one star resistance against a swing high early last week. Gold has hugged the 1251-53 level for much of the session and a close below here will be needed to keep the bears in control. Support will still be found at 1242.-45.6 and a close below here is needed to negate this rally off of the lows. Confidence data will be watched closely today, a better than expected number should bearish for Gold.