What a day in the gold pits.  Right from the opening of the COMEX pre-market prices began breaking lower as the daily raid commenced right on schedule.   The problem was the bulls were lying in the weeds and sent the price back towards $1580 which needed to be defended.  It was until the opening of the equity markets at which point another bearish stop-loss raid occurred taking the price down to $1568 which again was met by even more buying as the hedge fund mo-mo-monkeys literally got their heads handed to them and gold spiked to $1584.   Again, the bears pressed what has been stout resistance for days now pushing the price back towards $1575 on the COMEX close.

The tape painting must continue to occur in order to continue selling the snake oil of a fundamentally strong equity market rally.

Once the COMEX closed, however, the bulls took over and ground the price higher over the next three and a half hours to bring the price back to the $1584 resistance area, setting up what could be a very interesting series of trading sessions in Asia and Europe.  Gold again shrugged off Euro weakness, which broke down below the $1.30 level which makes today’s action all the more impressive.  Days like today are big signals that market sentiment is turning.  Watch for a push either tonight or tomorrow back towards $1600 during Asian trading.  If buying continues to be strong in New York then momentum buying will begin round the clock.