Gold has rallied strongly over the last 24 hours, finding confidence from the psychological $900/oz level and our 1st tier uptrend line. The precious metal has climbed above our 2nd tier uptrend line, and is heading towards what we view as a formidable foe to the upside from $920/oz-$927/oz.

We slapped on a near-term downtrend line exemplifying the prevalence of the moment. If Gold should rise through the upcoming congestion, then we could witness excited gains in the precious metal. Of course, the direction of U. S. equities will have much to do with the direction of Gold. Should the key U. S. economic data released today disappoint, then we could see the S&P tumble and Gold fly sky high.

Then again, if equities stabilize, Gold could weaken and duck back into its downtrend. Fundamentally, we find resistances of $919.01/oz, $922.92/oz, $928.57/oz, and $932.04/oz. To the downside, we see supports of $913.80/oz, $909.89/oz., $905.55/oz., and $901.64/oz. Gold is currently trading at $915.70/oz.

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