Gold is putting in a very strong showing in today's session as it appears a large influx of new speculative money has found its way into this market. Investors are moving back into both gold and Treasuries as safe havens with gold being the favorite of the two - a nice development to say the least.
The $1800 level is a psychological resistance level because of the handle change from "17" to "18". If it can clear this level and keep oscillating above it, funds will come in and push it to the $1820 - $1825 level which is the next resistance zone on the chart.
Note that this very strong move higher in gold is occuring with a backdrop of the US Dollar being relatively unchanged. That means gold is moving higher in terms of most all of the major foreign currencies - a sure sign that the metal is catching its bid as a SAFE HAVEN.
"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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