Gold continues its relative consolidation while sitting right above our 2nd tier uptrend line right now. The fact the precious metal hasn't made a large step downward in the last 24 hours is a positive development as far as the uptrend is concerned. Gold bugs are waiting to see how the significant U. S. economic data pans out today.

The direction of Gold seems to be a coin flip, and will depend on the direction of U. S. equities. We expect the negative correlation between the two to hold true during fundamentally meaningful moments such as these.

The downtrend is still in control of the S&P futures until they can break through heavily-weighted psychological and fundamental resistances. This belief is upheld by the fact Gold has our 1st tier uptrend line waiting for it to the downside should the precious metal experience a near-term selloff.

Therefore, we maintain our positive outlook on Gold for the time being. Fundamentally, our $922.92/oz support turns resistance while we hold our resistances of $928.57/oz, $932.04/oz, and $932.42/oz.

To the downside, we maintain our supports of $919.01/oz, $913.80/oz., $909.89/oz. with fresh bottom-end support of $905.52/oz. The $900/oz level serves as a psychological cushion to the downside. Gold is currently trading at $919.70/oz.

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