Gold is starting to rebound. Wouldn't be surprised if it was around 350 by close today. What is interesting is that xau was only down by quite a small amount last night considering the magnitude of the fall in gold. HUI was down a little more but looking at our gold stocks this AM, the fall here too has been rather muted.
April gold would need to break below 343 to get significant further downside.
While gold has given us a rollercoaster ride and there's no reason why that shouldn't continue even though the gold bull remains in tact, the inference here is that maybe we've seen as much of the downside as there will be for the present....
