The bigger question is: Why? Why was "The Iron Dome" held so desperately in place for two weeks in November? Then, after the Black Friday breakout, why has gold been so savagely and consistently beaten backwards?
It's hard to say for sure and I'm certainly open to hearing your suggestions. To me, The Iron Dome represented a critical line of defense. Once above $1735, the only remaining hurdle for gold was $1755 which, not coincidentally, is exactly where the Black Friday advance was halted. Once through $1755 and it is clear to everyone that gold is headed back to and through $1800. Maybe it's more complicated than that, though? Maybe there are massive derivative positions to protect? Maybe price is being held here as BBs desperately attempt to repay underwater leases ahead of QE∞ and skyrocketing prices in 2013? Again, it's hard to say for certain and I look forward to reading your theories. ... - TF Metals click over for the charts and the rest of his thoughts.