The following chart reveals the strength of gold when priced in terms of the Euro Currency. Notice that it has been steadily working higher and is within striking distance of an overhead resistance level coming in just shy of 1350. If can push through this level, it should be able to match or exceed its all time high.
It has been in a consolidation pattern since late last year but with a definite higher bias as can be seen from the series of higher lows riding along the lower red support line. Notice that mini-trend higher has accelerated since April of this year.
"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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