Hard to Resist

"How can you resist? I'm like candy."
--Paula Porifki (An Officer and a Gentleman)

After peeking above $1350 yesterday, gold decided it wasn't quite ready to assault long term resistance in the $1350-$1400 area.

It is easy to see why some technicians see this juncture as important. Should gold decisively poke thru these levels, the technical picture suggests little subsequent resistance until $1600ish.

It is no coincidence that the technical drama corresponds to growing anticipation of accomodative monetary policy coming from the Fed.

position in gold