gold rises ahead of gdp report, page-5

The US gold indices fell in response to the overall fall in stocks on US markets last night. This may continue as long as gold inches along in the face of large falls in the DOW. However, there will come a time when gold breaks out and then the stocks will leapfrog ahead regardless of what the larger markets are doing. Given that the $US strenthend as did POG the $A value of gold is once again rising.

June gold needs to break above $US 341 to break the intermediate trend. Note that gold is above its rising 50-day moving average, and the 50-day, in turn, is above the 200-day MA which is a bullish sign.