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<\/a><\/p>\nGold is stepping up casually from yesterday\u2019s lows in reaction to a broad-based depreciation of the greenback.\u00a0 However, volume is declining to the upside, while the precious metal hasn\u2019t managed to get back above our 2nd or 3rd tier trend line or into the thick of the trading range from last week.\u00a0 Therefore, the outlook for gold still has a negative tint to it, especially since crude and equities are presently trading in disadvantageous positions.\u00a0 On the other hand, the Cable and EUR\/USD have made encouraging pops over the past 24 hours, giving some hope to gold\u2019s uptrend since they are positively correlated.\u00a0 In all, gold is trading in a confusing range, and seems undecided as far as which direction to head in.\u00a0 The mixed performance of gold\u2019s correlations shows that it\u2019s best to be in a neutral position as the markets sort themselves out.\u00a0 The U.S. will report some key economic data today along with the Fed\u2019s monetary policy decision.\u00a0 Hence, we could get a clearer picture by tomorrow.\u00a0 We maintain our negative outlook trend-wise on gold for the time being since the downside still has momentum on its side.<\/p>\n
Present Price: $927.30\/oz<\/p>\n
Resistances: $931.41\/oz, $935.62\/oz, $939.82\/oz, $941.85\/oz, $943.88\/oz<\/p>\n
Supports: $923.96\/oz, $927.40\/oz, $920.95\/oz, $917.49\/oz, $914.99\/oz<\/p>\n
Psychological: $950\/oz, $900\/oz<\/p>\n
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