Bullish move in gold on Wednesday,but ...

On Wednesday, something very interesting happened in gold.  First, it made a new five-month low, as it has done every day this week. Then  the monthly ADP national employment report for November came in at a strong 215,000 rise in workers. That handily beat market expectations of a rise of around 170,000.  That should have sent gold lower.  But you know what gold did? Gold went higher.

When something goes up on bearish news, that's a pretty bullish sign.

However, we have to keep this in context.  The damage in gold is more like carnage.  It has a lot of work to do. For starters, I'd like to see spot gold close above last week's close of 1,251.40.

(Updated chart)

Then we'd have two bullish weeks in a row.

If that happens, the bears will likely start to cover. Gold has two more trading days to do it.  Will it happen? Wait and see.