Last Friday I mentioned that it’s not a good time to be bullish gold. The market had just closed below the 1215 key level and looked ready to retest 1200. In fact, that’s exactly what I wrote in Sunday’s forecast: The most likely scenario, in my opinion, is a decline to channel support near 1200. A daily close below that would open up the October lows at 1180 followed by the year-to-date low at 1160. Sellers didn’t waste any time taking the market down to the 1200 handle. Monday’s session closed right on it (1200.11 to be exact), and gold has been bouncing around above it ever since. The last 48 hours of price action ... (full story)