Gold continues to defend the same area on Monday, as the $4600 level is one that has a lot of “market memory” attached to it. The gold market has been very choppy and noisy during the trading session on Monday as it looks like we are going to continue to see a lot of volatility. All things being equal, I'm watching the $4,600 level because quite frankly I do believe that it has a lot of market memory attached to it and I believe it is probably only a matter of time before it does in fact substantiate itself as important. The 50-day EMA sits at $4,796 and is dropping, so that might be your short-term barrier, but I ... (full story)