Gold Daily Commentary for 3.6.09
Gold posted impressive gains Thursday in reaction to free-falling U. S. equities.
Gold darted above our 2nd tier uptrend line and is currently sitting right below our previous resistance of $937.81/oz.
It seems the negative correlation between gold and equities is making its grand return.
If gold can hop above March highs, we could see a large surge to the upside. Gold's uptrend seems comfortably back in play now with a bottom in the S&P futures nowhere in sight.
Fundamentally, we hold our resistances of $937.81/oz and $945.57/oz with fresh resistances of $953.32/oz and $959.84/oz.
To the downside, we find supports of $930.76/oz, $925.09/oz., $918.58/oz., and $910.33/oz.
Gold is currently trading at $937.05/oz.
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