The hourly target at 1240 was supportive yesterday, but the price action since hasn't been constructive in the least. The terrorist acts this morning caused a rushed bid in gold that just happened to coincide with support off the target and rising . I'm calling that area of support artificial and expect price to crash below it. From there, we're looking to the 1230 consolidation zone from prior to the Fed.
Convention, post FOMC was to buy gold . We'll see if those who piled in > 1250 maintain their views 20 pts lower. I suspect they won't, and believe there's a strong possibility of a sentiment change after Friday's PCE data that will usher in a new leg lower in the yellow metal.