Gold is stabilizing and recovering from its slight downward movement on Friday despite equities edging up in pre-market. The main test for the precious metal will be March highs and our 3rd tier uptrend line. If Gold can't rise above these levels soon, then the downtrend could take hold again.

If the precious metal can close comfortably above March highs, we anticipate large near-term gains. It will be interesting to see how Gold's negative correlation with equities plays out in the coming week.

The stabilization and hesitation of Gold to break downwards could be hinting at an upcoming selloff in the S&P futures. However, the precious metal hasn't committed to a near-term direction yet, so we will stick with a wait and see approach.

Fundamentally, we hold our resistances of $928.57/oz, $932.04/oz, $932.42/oz, and $943.97/oz. To the downside, we maintain our supports of $922.92/oz, $919.01/oz, 913.80/oz. and $909.89/oz. Gold is currently trading at $928.00/oz.

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