After having traded below the 1200 level for the first time in almost 3 years to end last week, gold is trying to recover a little lost ground today. Gold found support at the 1233 level in early NY trading and has since spiked to a high of 1262 as the USD has softened a little across the board. Gold needs to close back above the 1305 level to relieve the current bearish focus that is targeting the 61.8% Fibonacci retracement of the 681-1921 move which comes in around 1154.
