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Gold is finally experiencing a period of consolidation following its incessant rise to $1150/oz. Gold is consolidating around the $1140/oz level, right along our 3rd tier uptrend lien while setting lower highs in the process. Gold's weakness comes in reaction to pullbacks in the EUR/USD, AUD/USD, and GBP/USD. Additionally, the S&P futures have ducked back below their highly psychological 1100 level. All of these correlative forces are trimming gains and gold and allowing bulls to take a breather as investors closely monitor recent uncertainty in the FX markets. That being said, despite heavy losses in the Cable, the EUR/USD and AUD/USD have experienced what could be considered healthy pullbacks at this point. However, should losses in these currency pairs accelerate investors could opt to take further profits in gold since the precious metal tends to exert a negative correlation with the Dollar. After all, some sizable profit taking in gold wouldn't be abnormal because it has been on a tear since breaking through $1100/oz.
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