Gold markets have tried to go back and forth during the trading session on Wednesday, but quite frankly have been a bit lackluster. At this point, there are a lot of questions about gold, and quite frankly the trendline needs to hold or things could suddenly change.

The US dollar has pulled back slightly against the Japanese yen during the trading session on Wednesday, reaching down towards the 200 day EMA. This is an area that obviously will attract a lot of attention, and therefore a longer-term traders are suddenly involved.

The British pound initially tried to rally during the trading session on Wednesday but found enough resistance at the 1.2850 level to roll over. That being said though, the market ran down to the 1.27 level only to bounce again.