Gold is in a holding pattern.
Gold rallied nearly $30 from the lows on Tuesday, running stops just above $1,397 and testing $1,401. The rally definitely caught many traders off guard, especially since the market had been grinding lower all morning, reaching as low as $1,372.10.
With the market settling right between the high and the low, the defined range continues to be between $1,364 and $1,397. Gold will truly need to close outside of these levels to pick up any directional momentum in either direction.