Gold futures had a great rally on Friday, aided by a lack of confidence in government bailout and stabilization plans of all stripes.This saw April gold rally to a new high for this move, and within sight of th all time high of $1033.90 on Feb 17th, ‘08.There’s some profit taking today (reports of more US government support for Citigroup cited for the correction)., but the picture still looks bullish for gold.I’ll look at the chart below
I commented this morning about the trend line in the chart below, as I anticipated a break could lead to further selling.We did, in fact, get a good break, taking it down to the support around 975.40 (the high from Feb. 17th).As long as this support holds, the bull market is intact, and this selloff represents a good buying opportunity.
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