Gold continues with its lackluster performance of late since failing to extend its bounce past overhead resistance between $1475 - $1485.
With equity markets continuing to head vertically north, hedge funds are not interested in safe havens of any nature, be that gold or Treasuries. For that matter, they are not the least bit interested in mining equities either.
Sentiment towards gold among the Western investing community is horrible. It is strong Asian demand which is keeping this market supported. Had it not been for that, gold would never have managed to climb as high off that recent crash lower as it did.
From a technical standpoint it had been trading in a range bounded by $1485 on the top and $1440 on the bottom. That has given way to a new and lower trading range with $1440 now serving as upside resistance at the top and $1420 or so on the bottom.
"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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