Gold dipped yesterday, yet found strength in the highly psychological $900/oz level. The precious metal is rising as U. S. equities look to open in the red Thursday morning. Hence, we could see a return to the negative correlation between gold and equities today with a bounce in gold long overdue.

Though we are positive on gold in the near-term, the precious metal needs to deal with our 2nd tier uptrend line before it can log any sizeable gains. Volatility has decreased over the last couple sessions, showing investors aren't quite sure whether to continue the uptrend or send gold tumbling into the black hole.

We maintain our positive stance trend-wise on gold until it closes well-below $900/oz and our 1st tier uptrend line. Fundamentally, we hold our resistances of $922.49/oz, $930.76, $937.81/oz, and $945.57/oz. To the downside, we maintain our supports of $911.60/oz, $903.29/oz., $895.12/oz., and $889.48/oz. Gold is currently trading at $915.85/oz.

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