The pop up in gold saw all the gold bugs screaming that the next stop for the gold bull market was $2,000 USD. Gold in US dollar terms needs the big QE call from Ben Bernanke to get there. If Jackson Hole disappoints, what then for gold?

The market moving speech from Ben Bernanke is only 12 hours away. The status of gold is yes its popped up, but no its not confirmed a new trend yet (as the red 1x1 is not clearly broken). The bulls will want to see price action act against the next dominant cycle down swing. If it does not, and price falls with the cycle down swing then $1,500 USD (or $150 on the GLD) will need to be defended again.

Gold GLD puts (for protection) should do some good business in the next few hours.

The chart...