As we said back on Feb. 15: "The next area of support is all the way down at $1525 from May 2012."
Except for some screwing around with the short-term stuff: "...Okay a bit of fancy: S&P down 1% by Thursday (sub-1500), gold up 2%, over $1600 by Tuesday.", unless it clears $1582 there's really no reason to mess with gold right now. Here's today's action from FinViz:
A bit of an immediate term bottom over there on the far right on the 5 minute chart but pulling back to the hourly a whole different look for spring:
Not exactly fashion forward. $1573.10 last. The Feb. 21 low was $1,554.30.
Recently:
The Trouble With Gold (GLD)
Gold Hits Bottom, Digs (GLD)
The Last Correlation: Gold and Treasuries
Gold Is Approaching a Waterfall Decline
Ummm... About That Waterfall Decline for Gold
Gold Decline Approaching Rout Proportions (GLD)
UPDATED--Forecast For the Week: Gold Up, Equities Down
That's a Wrap: Gold Trades Higher After Bernanke Speech, Seventh Seal Broken as Goldman Reiterates Sell (GLD)
