>If the market goes down, will Gold follow<
Tough one to answer. Gold often moves in opposition to the major indices, where as mining stocks are a little more prone to market movements. You frequently see the metal move, but if the major indices (especially the DOW) are having a bad bad it puts a damper on ALL stocks, including miners.
On the other hand, sometimes a big move in the metal moves the miners against the rest of the market.
One reason for the aberration is that sometimes gold (the metal) acts like a currency and sometimes it acts like a commodity. In all cases the mining stocks are stocks and susceptible to the fundamentals of the company.
Today's action was more about the FED buying debt, which threw both the bond markets and the dollar into a free fall - gold the currency explodes along with gold the commodity (cheaper dollar = more expensive orange juice)
The dollars (and T bills) that everyone was holding suddenly became worth less and everything from banking stocks to precious metals offered either safe haven or at least less risky than they were yesterday and carrying a much better return.
>is there a big resistance now for Gold at this level?<
I see 936.30 / 954.00 / 989.60 / and 1007.70 as the major resistance points. A close above 954 would be very bullish, imo
News 
Market Data 
Discover 
