resistance line for gold being protected

Wow, there seems to be a strong force in play protecting this $1275-80 area in gold. Timber mentioned in a previous post that there may be a large option position in play that is being protected & I think he may well be on to something.

Option expiry for COMEX is tomorrow & it suggests to me this would be the expiry as it would be too difficult to protect an option that had another or several months to run. However if its only for a few days & the position is big enough its probably worth throwing ammo at to protect the strike price.

So if this theory is correct we should see the pressure released off gold as the option expires from memory at 9.30am NY time tomorrow.