Gold could trade down to the lower band of the Bollinger band on the daily chart of $1210 if we get strong data out of the US tonight. On the docket in the US we get November ADP private payrolls (consensus calling for 170,000), October trade balance (to narrow slightly to $40 billion), services ISM and new homes sales. My stance continues to be that the year's low of $1180 is likely to be tested in the coming weeks.

Chris Weston

i'd be a buyer around $1190, but for me plenty of other things i'd be long even if it did dip there. Investors/traders are just finding it hard to understand exactly what te purpose of holding gold is right now. Maybe you could shed some much needed light?

Jordan Eliseo

you could well be right Chris - interesting that Credit Suisse are out arguing gold is in the 'capitulation phase' of its bear market. I think we're going to bottom by Q1 2014