Most charting systems to include gold, the commodity as an option to chart. Mine doesn't. I can look at simple charts for gold but I can't apply technical analysys tools, indicators or compare directly with stocks. Same with currencies.

As such, I use ETF's that mirror their underlying currency or commodity to apply TA to as long as the ETF does sufficient volume. GLD is perfect for analyzing gold. In fact, it accounts for a huge amount of the volume of actual gold sales now.

$94 is the resistance point that GLD hit just before breaking through and running up to $100.00, which corresponds with golds resistance points and closing high. It is also the resistance point we hit 2 weeks ago.

$94.00 is also where the 30 and 50dma sit.

Technicals have held up quite well for gold so I imagine there is simply a lot of trading done on technicals now. In fact, I would go so far as to suggest that the PPT is playing them as well, selling gold on DMA's and technical points so as to reinforce the point!

For now, I can tell you that all the technicals look strong for gold. Not in the WAY oversold territory but good and strong. I find when they are way oversold it's very highly likely that the stock will go up. In a case like this, it's not certain. TA is not a crystal ball but offers some insight.

I'm going to post a chart here soon as I get a chance today.