(Reuters) – Following are security developments in Pakistan at 1100 GMT on Friday:
NORTH WAZIRISTAN – A U.S. drone fired three missiles into a Taliban compound in North Waziristan region near the Afghan border, killing 11 militants and wounding four, Pakistani officials said.
It was the second drone strike in the last 24 hours in the militants’ stronghold of North Waziristan. In an earlier attack, a drone killed three suspected militants. (Compiled by Islamabad Bureau; Editing by Jeremy Laurence)
Gold Daily Commentary for 3.24.09
Gold has posted some heavy losses over the past 24 hours, exercising its positive correlation with U. S. equities as the S and P closed up over 7%.
The previous metal briefly sunk below our 1st tier uptrend line on Tuesday, but is currently fighting back above with the S and P futures trading lower pre-market.
The condition of Gold has deteriorated overnight considering last week’s huge rally. However, the last movements in negative territory have been backed by relatively low volume compared to March 19th’s up-bar.
Therefore, since the large action is to the upside, we remain positive trend-wise on the precious metal as long as it can hold up around present levels.
The positive correlation with U. S. equities is alive and well, and Gold’s movement will likely depend on the performance of stocks. If the S and P really can rocket past 800 towards 900, then we may have a change of heart with Gold.
Meanwhile, the high volatility should continue for the time being. Fundamentally we see resistances of $935.34/oz, $939.27/oz, $942.91/oz, and $947.40/oz. To the downside, find supports of $931.98/oz, $927.78/oz, $924.69/oz, and $919.65/oz. Gold is currently trading at $934.20/oz.