From Peter Hug at Kitco

Tuesday February 12, 2013

One day late, with the expectation that the wedge would break last week but the overall apathy in the gold market was broken yesterday as traders took advantage of the Chinese absence to push through downside support. Technically the market looks damaged, in the short term, with the immediate target being in the $1,627 range, the jawboning by the Europeans that they would not artificially bring the Euro down, but leave it to market forces, propped up the currency against the US$ and held gold’s slide overnight. This is a very thin and nervous market and exaggerated moves should not be ruled out.