Gold managed to claw its way back above important technical resistance near the $1680 level in today's trade and is thus far holding above that number, albeit just barely. The market needs to push away from $1680 with some conviction and demonstrate that it can attract enough buyers at this level to take it firmly up and then through $1700. If it can do that, we have a solid shot at the $1720 level.
If it fails to sustain its footing above $1680, it will fall back within the recent trading range that it has been carving out with the bottom down near $1650 - $1640.
By the way, the Dollar continues to sink and unless it can recapture the 79 level immediately, it looks like it is heading for a test of support down near 78. Note that all of the shorter term moving averages and the 50 day are now all trending lower in sync again.
"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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