I’ve displayed a weekly chart because it makes the turgid price action of the last several weeks seem not so much depressing as tedious. Nasty, gratuitous swoons in a bull market that has yet to attract an institutional following are inevitable, but we should always keep in mind that bears do not have the power or the moxie to sustain damage. The June contract could come all the way down to x=1816.60, in fact, and still look fine. That would trigger a succulent ‘mechanical’ buy, even through the implied $128 fall from here would likely ratchet up despair amongst gold’s fair-weather supporters.