| The rout in global equity markets has only managed to underpin gold, as resistance at $1,170 to $1,172 has kept a lid on the market. Even news that Belarus has added to reserves has done little to encourage fresh length as this is just the fourth day of a short-covering rally.
It seems no one is ready to add risk before Labor Day and the mentality of "throwing the baby out with the bath water" may keep some gold bugs sidelined, but I still believe the global uncertainty will support any selloff. If we break $1,172, I would think that one-month $1,200 calls are worth a cheap bet. ..............................................Full Article: Source
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