After being down as much as $15 an ounce today, gold has rallied towards the end of trading to gain $10 from the bottom. At the time of writing, the market is currently down $5.50, which while negative is a far cry better than what could have happened. It appears that the gold bugs are out in full force again.
Until we get a break above the $1,450 level, it will be hard to buy the metal. A pullback could be in the cards, and could produce buying opportunities at $1,410 and $1,380. Shorting the market is very dangerous until we see a close below $1,380 – which is a very long way from here.
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