"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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Gold now at top of its Trading Range
Please see the chart below for my notes on the technical posture of the market.
Gold is now trading at the exact top of what I believe is a new and higher consolidation range bounded by $1440 on the top and secured by $1410 on the bottom. Until it can push decisively past $1440 on good volume, the range is still in effect.
Trending indicators are generating buy signals but those must be confirmed b a push through $1440 that maintains that level.
Open interest continues declining but that is a function of the completion of the end of the month/quarter book squaring by funds and other large traders with clients. Tomorrow starts a fresh month.
We may need to see the price action Monday to get a more definitive idea of where things are headed next depending on the willingness of traders to place bets ahead of the weekend. Many tend to avoid that not knowing what the weekend break might bring so we will just have to wait and learn what happens and observe how traders react to the advent of April.
Hi Dan - volume is so minuscule that it certainly makes one very cautious about attributing much meaning to today's move.
ReplyDeleteThanks for all you do.