3/31/2011 - Gold - Price action on Gold (a daily chart of which is shown) as of Thursday (3/31/2011) has resumed its bullish trend that is currently prevailing on a short-term, medium-term, as well as long-term timeframe. After reaching a new all-time high just above 1447 one week ago and then pulling back to a bullish support trendline extending back to the significant late January 1308 low, price action has just surged to the upside to approach a re-test of the new all-time high once again. On an annual, monthly, as well as daily basis, therefore, the clear directional bias for gold continues to be to the upside. As has been the case for quite some time now, breakouts above progressively higher all-time highs should target the 1500 price region, which, in uncharted price territory, represents the 161.8% Fibonacci extension of the most recent major bearish trend run. Gold strength today was accompanied by U.S. dollar weakness against most of the other major currencies.

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(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; horizontal support/resistance lines in yellow; 200-period simple moving average in light blue.)