July 4, 2024 -(Gold Market Wire) - Gold has moved higher after yesterday's end of session Silver rally which can be seen mostly as cover for the long weekend. Right now we're caught between two points ... the over hanging resistance and our horizontal support.

Of course, the market is concerned about WWIII, or maybe just an Israeli incursion into Lebanon, or a war with Iran....take your pick! With a news overhang like this the posture is going to be for weekend insurance. Notably, we didn't get through resistance...so, somewhat cynically, if we don't get our war, we could be ready to resme downward action.

As we head into the long holiday weekend, I am reminded of the admonishments of the Trading Manager himself, " To all you Goldbugs who are dying to see $5,000 Gold, you need to get on Prozac, or maybe take a trip to see a psychiatrist."

Yes, Gold is insurance for war. The market action yesterday tells us how concerned everybody is about just that, as the drum beat continues.