Gold prices pulled back overnight, at one point falling through the USD $1240 barrier, before stabilising just above this level

Gold prices pulled back overnight, at one point falling through the USD $1240 barrier, before stabilising just above this level. Silver also eased, and is currently fetching just over USD $20. Despite the pull-back, base-building continues in the complex, and without any major economic data out this week, it's all eyes on the Fed and the upcoming FOMC decision next week, with a $10bn taper pricing into most markets. Interesting to note that an article in the FT showed gold analysts at their most bearish in years, a good sign from a contrarian perspective. Also interesting to see gold miners (who often lead the precious metal complex one way or the other) display strength again yesterday on what was a mixed day overall for stocks and a bad day for the metal. I think we may see another test of USD $1200 but a run higher first can't be ruled out