Its definitely going back down towards its support zone. Given, it didn't require any excellent foresight to guess that it was going down, but still. I do think that this level is of decent, albeit not grand, strength but we shall see. Like I said in my last post on this topic, I think its good for another bounce. Gold seems to be fighting the $1300 level over the last couple of days and the GDXJ is falling towards the line fairly quickly.
After that though, I won't be holding out for a whole lot. The next support for gold is down at $1250 and it doesn't appear to me as a particularly strong one.
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