1240-1250 Important Decision Zone for Gold

Gold has finally shown some sustained weakness after markets realized the remarkably, fantastically obvious underpricing of June FFR hike risk - up 30% from 4%,only two days ago! Money Managers have never been longer the yellow metal - on both an absolute and net basis, so there's quite a bit of volume that should be flowing through sell orders today and tomorrow. Technically, there's coinciding support within the 1240-1250 range from: (1) a wedge pattern - that has still yet to prove itself as bullish or bearish, (2) trend level support - extending back to mid-February and (3) ichimoku leading support. I will look to roll my June puts at 1250.