Market participants might have been numbed by the government's release of the October inflation rate which came in well above economists polled by the Wall Street Journal.

Yesterday’s article addressed whether or not gold was positioned for a large upside breakout. We cited that the upcoming CPI (Consumer Price Index) numbers which were released today, would be a huge component to answer that question.

With the recent rise in inflationary pressures, and the consumer price index numbers being reported for October tomorrow Federal Reserve members have differences in regards to interest rate hikes next year.