Just a quick follow-up to my last post: it looks like there was a battle at $1200 that took the price back and forth between $1205 and $1196 for a good 5 hours yesterday morning, starting in European trading. Then at about 11am in NY, gold broke through to the upside and settled right back at $1220.

It’s interesting that silver got taken down without much of a fight. There’s some strong buying power in gold that can fight back when the big boys play their games. Next week should be interesting.