The Bank of Japan has begun a policy meeting, in which they are discussing their plans for aggressive monetary easing.
Meanwhile, Societe Generale analysts recently grabbed headlines with a note entitled, "The End of the Gold Era."
(Poll: Is the 'Gold Era' Over?)
At the same time, Europe returned from a four-day holiday, in which money hit a safety trade (gold), and upon return, looked to move back in equities.
Finally, U.S. private employers added 158,000 jobs in March on Wednesday, falling short of economists' expectations for a gain of 200,000, according to payrolls processor Automatic Data Processing. February's private payrolls figure was revised up to an increase of 237,000 from the previously reported 198,000.
(Read More: Work Slowdown? ADP Says Job Creation Declining)
The ADP report comes ahead of the widely-followed government non-farm payrolls report, due Friday. Economists expect to see a gain of 200,000, with the unemployment rate steady at 7.7 percent, according to a Reuters poll. Either way, the number will surely move the markets.
Still, the technicals should be pretty clear. Gold slowed down just below the $1,577.2 level (an extended fib retracement) and we're now likely to see resistance at $1,575 to $1,577 an ounce. Support was found at the $1,562.5 level on Tuesday night, and this will be a very important level to watch. The last line in the sand is the yearly low of $1,556.4 an ounce. If you have been following our research, you knew that a violation of $1,590.4 an ounce would send this market into a major tailspin — now only a close back above here this week can neutralize the major bear leg created.
Here's the bottom line: If gold trades below $1,563 an ounce on Wednesday, expect a re-test of $1,554. A close below $1,550 would put bears on the attack. Take advantage of the volatility — this is a trader's market.
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