Gold is once again fully under the sway of the broad averages, and so we shouldn’t presume that it will somehow buck the trend if the stock-market carnage of the last two days continues (or, heaven forbid, intensifies). Another sobering point to consider is that Friday’s 1307.50 peak turned chicken a measly tick shy of impulsiveness. Despite this, if buyers surprise this morning and get second wind, surmounting midpoint resistance at 1306.20, look for a push to at least 1316.50, or to 1321.20 if any higher.
