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Crunch Time For Gold

Since plunging below its 200-day moving average last week, gold has been trying to rally back and make up some of its lost ground.  Today, the commodity rallied by about 1.3% and back over $1,600 per ounce.  While gold-bugs were happy to see the rebound, we would note that today's 1.3% rally was considerably lower than the gain we saw in equities and many of the other widely followed commodities.  Also, gold closed within $1 of its 200-day moving average, and all too often it seems as though when we see rebounds that stall out just short of a major moving average, the stock or commodity quickly resumes its downward bias.

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