Gold was under pressure throughout the entirety of the regular trading session on Monday flirting with psychological support at the $1300 level before managing to push back above it and close out the pit session above it.
As trade has moved into Asia this evening, the market is coming under pressure once again and has now fallen below $1300 moving as low at $1288 before managing a wee bit of a bounce. The market simply looks heavy as it is now backing down to the bottom of its range.
Remember, the $1280 level is where it was jammed lower last week just prior to the release of the payrolls number on Friday. If the market does not rebound back, it will move towards $1260.
Weakness in the mining sector continues to undermine the metal. Also, the grains are weaker undercutting the inflation from the food sector side of things.
"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
Trader Dan's Work is NOW AVAILABLE AT WWW.TRADERDAN.NET
Monday, August 5, 2013
Subscribe to: Posts (Atom)