Virtually *every* trend low is never a straight forward affair, and lets face it, repeating ranges might be the simplest form of analysis going around.
Gold 4hr into the 200SMA and 1200 area was always going to be resistance
The result of the CHF referendum will simply remove an unkown for the previous known. Only a positive upside result would be unexpected. Technically, if this is going to be a major trend low then below 1140 is a vacuum. The daily setup shows stars lining up in mid dec or needing above 1200 to confirm.
Like every other tradable instrument in stocks, energy, commodities etc if big buyers are sitting around they would be happy to wait for a plunge - if they are not actively testing the market themselves.
Every time Roubini declares a distaste of gold, you know it is going to be just another day in the live of a barbaric relic. Repatriating physical from the US is every bit about the loss of trust in the US as it is about preservation of possession. So far repatriation out of the US is limited to the yellow stuff.
