If gold closes below $1,589.7, the bears will take control.
Gold saw yesterday's choppy trading turn one-directional last night, as the market traded back below $1,600 and to a low of $1595.1. After finding major support yesterday at the low of $1,588.4, just below previous lows but aligned with a retracement point, rumors continued to swirl out of Europe, allowing gold to bounce back. Yesterday's high was $1,606.8, and last night's was $1,605.1.
(Read More: Gold Eases Below $1,600; Cyprus Effect Fades)