Gold continued its decline on Monday despite crashing U. S. equities. Gold dropped below all of our supports and tripped beneath our 1st tier uptrend line. Therefore, if Gold does not rise back above the uptrend line very soon, we could see a heightened sell-off in the near-term.

Although the fundamentals are turning negative for the time being, the medium-term uptrend is not lost. There are multiple layers of uptrend the precious metal must fall below before we can call the uptrend dead.

While investors may be taking profits after impressive gains, if U. S. equities should continue their demise, we have no reason the negative correlation between the two won't lock in. Fundamentally, we find resistances of $930.76, $937.81/oz, $945.57/oz and $953.15/oz.

To the downside, we see supports of $919.22/oz, $911.60/oz, $903.29/oz., and $894.29/oz. The $900/oz area should serve as a reliable psychological cushion in the near-term. Gold is currently trading at $925.05/oz.

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