Or maybe it's the bulls just biding their time. There is pretty heavy resistance at 880-900 - I've been wondering why they're not powering forward and plunging money in. What I see is maybe an attempt to establish a concrete bottom, so that everytime its challenged by the bears, they're pouring their money in. Gradually the bottom becomes stronger, the sellers get exhausted, then the consistant move upwards - that is better than a sharp spike.
It may yet go to 800-850, but there are some big, big hedge funds waiting to put their money in, including the Asians and todays news may allow them to assist in building the floor and repelling what does seem to be a manipulation of the gold price.
A number of gold bugs have said this will take another couple of weeks, but as long as it flattens out the downtrend, then we should all be happy.
Just my opinions - no technical basis apart from what I read of other gold bugs. The ASX hasn't seen that 4800 figure yet, ANZ didn't hit what some were saying on this site also based on chart ideas etc around $12-$13, so don't panic. Open interest increased again overnight and those shorting gold may have small success, but not worth the risk running against the herd.
