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Gold has recovered nicely from Friday's slight pullback in the face of a stronger dollar and sliding equities. The precious metal has since plowed past the psychological $1050/oz level and our 1st tier downtrend line after U.S. ISM Manufacturing PMI and Pending Home Sales data points knocked aside analyst expectations. We recognize strength and stability in the EUR/USD and AUD/USD as well, gold's stronger positive correlations. In fact, the EUR/USD and AUD/USD held up relatively well on Friday considering the extent of the selloff in U.S. equities. As a result of present activity, gold's momentum has suddenly swung to the positive side. The final technical barrier separating the precious metal from a retest of previous 2009 highs seems to be our 2nd tier downtrend line hanging nearby. Therefore, although downward pressure does have a chance of kicking back in, technicals are suddenly working in favor of the topside once again. As for the downside, gold now has multiple uptrend lines serving as technical cushions and the psychological $1050/oz level is working the precious metal's favor now.
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