After twelve sessions of pain for gold bugs yesterday the bulls attempted to arrest the fall of gold after hitting a low $1,277.40. 

The bulls’ mange to push price slightly above the 150 day moving average before fall back below at yesterdays close.

This morning the gold (GLD, quote) bears are back in charge as the European Central Bank holds rates in the face of strong inflation and despite U.S. Jobless Claims disappointed.

Yesterday’s days reversal on shaking economic reports from the ADP Jobs Report and the disappointing factory orders number seem to in the rearview mirror as traders jockey their positions ahead of the non-Farm Payroll tomorrow.

A day earlier, gold reversed its recent losing stretch as economic data, such as the ADP jobs report and factory orders, rolled in and set the stage for the upcoming non-Farm Payrolls.

We are holding on our gold position and continue to like line in the sand we’ve staked out.  We’ll look at the position as we go into the close and update our subscribers if need be.

Also look for an update after the open on our Wisconsin Energy (WEC, quote) after the open.