For the past six years, there's been no number more filled with dread for gold bulls than $1,350 an ounce.
Barring a few brief spikes, the metal has struggled to break through that level ever since it came off its run-up to $1,900 between 2011 and 2013.
This matters, because an asset that has few fundamental factors drivingits performance (short of its negative correlation to the greenback) is unusually susceptible to the psychological hocus pocus that can sometimes make technical analysis work.
Thousands of investors believe that $1,350 an ounce is a "resistance level" that gold will struggle to break above. As a result, they're likely to sell hard as the price approaches that point, and change their view of things if it confounds them by decisively moving higher.
It looks like we're in that territory now...