Oil N' Gold Focus: Gold At Risk Of Re-testing 891 As Stocks Rally

Gold price will likely record it's 3rd falling day in a roll as stock markets rally. Currently trading at 910.7, the precious metal for April delivery may test recent low at 891.1 if funds continue to move from safe-haven assets to the equity market. Assets in the SPDR Gold Trust stayed unchanged at 1069.05 metric tons yesterday after climbing for four straight days.

In Asia, stocks rose as driven by the Bank of Japan's plan to increase bond purchase. The MSCI Asia Pacific Index gained 0.8% while Japan's Nikkei 225 Stock Average added 0.3%. After the meeting, the BOJ said that it will increase the purchase of government bonds to 1.8 trillion from the current 1.4 trillion yen. The news cheered investors and they saw the central bank try to do something to revive the economy.