Gold's Curious Case Around $2330

Anyone else been watching Gold's shenanigans around the $2330 mark lately? It's been a real stubborn area. On the daily, we've seen it hit that ceiling, pull back, and then try again. I'm looking at it as a pretty clear resistance point that, if broken convincingly on a daily close, could signal a move higher towards the $2360-2370 zone. But 'convincingly' is the key word here – not just a spike and a swift rejection, which we've seen plenty of.

The flip side, of course, is that failure to break through opens up the floor for a retreat back to the $2300 level, potentially even testing the $2280 area where it found some buyers a couple of times last week. The risk for any bullish idea here, in my book, is a clear daily close below $2300. That would invalidate the short-term upward pressure I'm seeing from the lower lows it's been putting in, despite the $US30 making new highs and everyone else feeling pretty good. Gold, always the contrarian, sometimes. Just an observation, not gospel.