That is every shorts target. Strong support in 2012 was $1578. Central banks bought 500 tons in 2012, they will buy here. Asia spot price was stable every night. Only when London, US opens gold start tumble. You know its not physical selling. Its all paper.
I'm not giving up today is the bottom reversal day. 200 day trend line is $21, 50 day trend line is $19.7 Price always move toward trendline. Gold also had strong support in the $1578 region, a scare breakage down to $1570 to scare out the weak hands is possible. And the Fed minute is backward looking. The bad retail numbers havn;t hit them on Jan 30. Its beginning to show in Feg numjbers.
Bought back the half position I sold yesterday for a short trade. This thing doesn't turn around today or tomorrow I will dump it real quick. All this trading is big boys pump and dump to rip off the small guys. The chart says it should bounce here, it will bounce......I just hea4rd on CNBC..s Gold going to reverse, rally time. They've poo pooed gold for a month. Maybe they are ready to pump ?
Fed minutes 2PM Eastern. Shorts might cover before that. Fed expected to report mild econmic improvement with a few headwind going forward. No talk of early end of QE. Gold could bounce on a relaxed Fed.