GCJ10 – Comex April Gold (Last:1116.40)

With the dollar benefiting from perceptions that other currencies are in even worse shape, and with institutional mindset still riveted on the idea of the dollar as a “safe haven,” gold has shown no great eagerness to resume the long-term bull trend.  If and when it does, however, the initial lurch should carry to 1144.50, the midpoint resistance of the pattern shown in the chart.  However, a close above it is needed to light a fire.