Gold's downtrend picked up speed Friday, collapsing below April lows, a fairly significant move fundamentally. The move came with subpar gains in U. S. equities, showing Gold is following the Dollar more closely than equities correlation wise.

The EUR/USD and GBP/USD made negative fundamental moves over the past two sessions as well, showing there is a real change of tide taking place. However, gold sent its message earlier this month, so further declines in the precious metal aren't a surprise.

We really had to stretch back to create new uptrend lines, signifying the power of the downtrend right now. That being said, the new uptrend lines should carry some weight as far as support is concerned. We minimized our chart to give you a better picture of where the trends stand.

Though the pop to the upside taking place right now, we maintain a negative stance on gold with the near-term uptrend's back broken. Fundamentally we find resistances of $880.71/oz, $884.54/oz, $887.21/oz, $890.64/oz, and $894.37/oz.

To the downside, we see supports of $880.71/oz, $877.70/oz, $873.44/oz, $869.80/oz, and $866.62/oz. Gold is currently trading at $877.45/oz.

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