Gold hit a fresh yearly low today, a high note for bears. Morgan Stanley Dean Witter made headlines today regarding junk bond losses, and this helped to make stocks nervous. The Dow was down over 160 points intra-day, and even then gold bulls couldn't be found today.
Gold remains tempered among congestion and below moving averages.
Sell stops were hit below 272.3 today but trading was tempered partly due to holiday trading hours. Who knows, maybe with the uncertainty of the elections just around the corner, now may be the time to consider call options while the market is still quiet. For those wanting to buy futures, wait for two consecutive closes above moving average resistance at 276.5 before doing so as the trend is choppy to lower. So far, this seasonal has not worked this year. December Silver .