Gold @ $1380 will be a nice Xmas gift
In the eyes of traders:
Gold/silver were taken down swiftly near the end/beginning of trading hours of a given day = short attacking. It will backfire to shorts as more physical delivery on gold/silver contracts requested in recent months.
Also gold/silver miners are holding up relatively well comparing to previous PM corrections.
Still supported by QE1, QE2, high unemployement rates in development countries and euro debt issues.
I'll take it as a gift from Santa