The $4,082 Question: UBS Maps Gold's Next Move As Fast Money Gets Stopped Out And Beijing Steps In

In January, gold was trading at $5,595. Last Thursday it was trading like a margin call.

Ever since the yellow metal was "betrayed" last week, sliding below $4,000 for the first time in more than three months on a day when stocks puked, yields tumbled and the dollar slipped, the market has been stuck in what UBS's precious metals desk describes as a "low-conviction range": too much buying at the bottom for the bears, not nearly enough momentum for the bulls. And with spot trading around $4,015 this morning, that range is about as tight as it gets.

Stopped Out, Sitting Out