"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 nearing important technical support level
The $1680 level is an important chart area as it has served to function both as overhead resistance and as downside support depending on the status of the gold market at the time that price has neared this area. In today's session, it is acting as a downside support level thus far holding price from dropping further as the risk trades are once again taken back off.
Should this critical level fail to stem the decline in gold, price will fall into the next band of support which is near and just above the $1640 level, a level that also coincides with the rising 150 day exponential moving average. That moving average has seen value-based buyers emerge over the last two months so we can expect it to uncover similiar buying once again should price move this low.
For gold to stem the current tide of bearishness and rattle the shorts a bit, it will need to recapture the $1710 - $1715 level for starters with a further push into the $1740 region necessary to bring in some momentum based buying.
And what a surprise... options expiry Tues.
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