Gold’s run up on Tuesday following the Belgian terrorist attacks was short-lived. Safe haven bids vanished as Tuesday’s trading session moved later into the US time zones with gold retreating into the mid-$1,240s to close the day. The markets have acclimatized to these types of terrorist incidents and with each passing one, it appears that the longevity of gold’s immediate upwards reaction becomes increasingly brief. The USD has five days of consecutive gains against the euro which has contributed to the selling pressure on gold. Once gold broke through double bottom support at $1,240 in Wednesday’s overnight session, stops were quickly triggered that ultimately resulted in a low on the day of $1,215. The momentum in gold has shifted south and near term support is coming in at the 50 day moving average of $1,197. After failing at $16 three times in the past week, silver plunged lower by 4% yesterday. Like with gold, the next area of support is at the 50 day moving average of $15.03.