Since October 26th, when gold prices traded to $1262 for the second time to form a double bottom, gold prices have maintained and traded in a defined and narrow trading range.

For the second time this week, gold has traded and closed above a current level of resistance residing at roughly $1280 per ounce.

After trading to the top of a very narrow and defined trading range yesterday, gold prices have softened slightly and are now moving back towards the center of this range.