March 15, 2021 - (Gold Market Wire) - Gold has developed a small uptrend (revealed in our chart) and is looking to consolidate recent gains, while facing a lower equity market, which could hamper progress in the short term. The tone of the European morning has been cautious. While Gold has stretched out higher, it is pulling back to our former resistance around $1723, where it awaits direction from New York.

The chart draws the horizontal resistance that will likely be the first hurdle to cross in any serious recovery.

A zoom out shows where the resistance band, roughly $1743-49 has been created.

Again we are faced with conundrum...is the sell-off over...or is Gold taking a breather? In our estimation there could be one more sell-off to go before we rally, but one has to weigh that against missing the boat as it sails...which it equally could. Today, and for this week, equities will be important. If we get a sell-off there and it moves through into the metals, this certainly possible, it is likely to be a highly propitious buying opportunity. Gold is getting ready to move higher. It could be now...it could be in two or three months, but the strength of the oil market, and the general growing lack of confidence about the Biden administration is underpinning the market now. That is a critical factor, as anyone who lived and traded through the 1970s Gold market will relate. Complete exasperation at the Carter administration was the major fuel behind Gold's rally then. Now we see a similar situation with the Biden administration - resplendent with all the rumblings of a repeat of an Iranian entanglement which could trust send Gold higher.

Many trading desks in the world twin their Gold and Oil desks together, and there is a lot of movement of personnel between the two commodities' trading functions. This time around it looks like Oil is set to move first, but we ask... can Gold really be that far behind, in a market beset by lack of confidence in the current occupant of the White House, and all the chaos surrounding it? Though many may find it difficult to believe - Trump looked positively coherent in comparison.