The one year chart of $GOLD (Gold Continuous Contract) shows the price of gold rebounded this past week after briefly trading below the 50 day moving average. Gold may be poised to rally back toward the high 600s as it attempts to fill the gap that was created during the sell-off of the past two weeks.

The Amex Gold Bugs Index (HUI) closed below the 200 day moving average on Friday. The index now appears poised to test support at the 315 level.

It should also be noted that the Gold Bug Index has formed a double top at the 360 level after hitting resistance at the level in both December and February.











Amex Gold Bug Index Components

Newmont Mining	NEM	14.30%
Goldcorp Inc	GG	14.22%
Freep't Mcmoran Copper&gold'b'	FCX	9.54%
Golden Star Resources	GSS	6.42%
Kinross Gold	KGC	5.73%
Yamana Gold	AUY	5.71%
Eldorado Gold Corp	EGO	5.66%
Hecla Mining	HL	5.57%
Randgold Resources Ads	GOLD	4.98%
Gold Fields Ltd Adr	GFI	4.83%
Meridian Gold	MDG	4.77%
Iamgoldcorp	IAG	4.72%
Agnico Eagle Mines	AEM	4.71%
Coeur d'alene Mines	CDE	4.42%
Harmony Gold Mining Adr	HMY	4.41%