GOLD Outlook

Both bulls and bears are trapped. Gold has been ranging for quite some time now so both sides must be running out of steam. HOWEVER, the overall movement is still bearish with this descending channel. We saw a nice bull reaction yesterday at around 1462.20 and if that temporary level holds, we could see gold bounce back up. On the flip side if it fails, i believe that would be the end for the bulls. Better WAIT and SEE