Gold could go either way, depending on how the Cyprus ‘solution’ is spun.  My hunch is that the outcome will be bearish for gold, with the implication that the April contract will fall to the 1553.30 target shown.  That’s a midpoint HP support, and if it’s decisively breached we could expect a further fall to its ‘D’ sibling at 1487.00.  Alternatively, the most constructive outcome for bulls over the near term would be an upthrust that exceeds 1619.70 (see inset), the point C high of the pattern yielding the downside targets given above.  As you can see, it would only take a small pop to get the April contract above that threshold.  Were that to occur, bulls would have the benefit of the doubt on any pullback, since it would be merely corrective — and therefore buy-able — on the intraday charts. _______ UPDATE (March 25, 4:25 a.m. EDT): Gold is up a big 10 cents at the moment, obviously relieved that ‘only’ depositors and bondholders will take a hit from the Cyprus affair. The action so far would seem to corroborate the bearish outlook detailed above.