Gold drops and then rebounds

New York (Jan 20)  The drop in gold a short time ago looks like the liquidation of a position and we've seen it rebound quickly.

That kind of volatility isn't great for the bulls but ultimately, it's $8 higher to $1848 today.

I think this is all just noise until it breaks above $1863 to the upside or $1800 to the downside.

By 10:55am EST spot gold was up $17 to $1866, while spot silver rose 21 cents to $25.67.

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