Why should this day be any different?

Just because it's year end, doesn't mean that the day should be different than the other days where gold is nicely higher in Asia, only to reverse lower in Europe.

Gold bounced off resistance at $847+. However, the dollar index is quite weak and oil is stronger. My guess is the bears are using the thin volume to keep the lid on the upside.

It's very early so we'll see. But one of the lessons I have learned over the years is gold rarely reverses itself to the upside in NY. On the other hand, gold makes it a habit to give up any and all gains and will reverse to the downside in a heartbeat. That's NY trading for you