Questions abound over just what is going on with gold. Concerns about deflation and slowing global growth do not necessarily augur well for the precious metal. Nor does a strengthening US dollar, which has an historic tendency to dent all commodities on the way up. Gold, however, is proving remarkably resilient. It has maintained its grip on US$1,200 an ounce and, in euro terms, has just broken above resistance that built last year at €1,000 (HK$9,185). In the near term, gold now looks overstretched, but from a medium-term view, gold's relative momentum within the commodity universe has become markedly more positive.