Gold has bounced $160 higher since everyone and their mother sold out of their gold position. Now undergoing what's described as a "back-and-fill" movement.
So what's "back-'n-fill"? It's a technical term describing the price retracement from a dramatic move—such as the one we are seeing since gold fell from $1,523.
Typically, in fierce swings like that, some prices never get traded, as the huge move easily skipped them over. A "back-'n-fill" price movement then goes back to those skipped prices and fills in the chart.
(Read More: True Floor for Gold? How About $1,200?)