Gold bugs are having a hard time holding the $1,300 level after last week’s modest build up to a close Friday of $1,302.30. 

Market participants continue to digest a disappointing non-Farm Payroll report along with growing concern over the upcoming Q1 earning season.

Gold (GLD, quote)  bugs where pounding the payment and pointing out the weakness in U.S. equities market after taking it on the chin the previous two weeks when the U.S. markets where in rally mode.

Combing through analyst reports sentiment seems to place the spot price of gold around the $1,245 - $1,255 level for the remainder of the Q2.  Fundamentals do seem to support such a call but the technicals are not as clear at the moment.

Technically price did break above the short term trendline but is clearly continues to be in downward Fibonacci wave, although price did close above the T3 Tilson on Friday.

Currently we continue to be bearish on our gold position and will look to add to our bearish gold position when we see price close back below the T3 and cross back below the short term trendline.

Equity only readers gain exposure to the gold through the SPDR Gold Shares Trust (GLD, quote) ETF that seeks to replicate the performance, net of expenses, of the price of gold bullion. The GLD trust holds gold, and is expected to issue baskets in exchange for deposits of gold, and to distribute gold in connection with redemption of baskets.  Readers can also access the gold market through the iShares COMEX Gold Trust (IAU, quote) ETF seeks to replicate, net of expenses, the day-to-day movement of the price of gold bullion.