Gold is now jammed up against resistance as many of the weak hands have been shaken out and the shorts are getting squeezed by fresh jitters in Europe.
But is it enough to support a breakout? We will have to wait and see.
Gold is hitting new highs in terms of the Euro.
I will be a little surprised if we get the breakout cleanly now without a serious 'gut check' after the gold option expiration, in which the in-the-money call holders now find themselves with shiny new futures positions. But this might just be my inherent distrust of the trading environment on the CME.
