GLD getting close to taking out a key level.
If 160s fail to hold, it looks like Gold should be falling a further $100 to to test the all important 150 level. If that level fails, then Gold looks set for an adventure to the lowly figure of $1200 within a few months.
Of course, that'd mean Silver would fall to 22, 20, maybe even high teens.
*I suppose metal bugs could claim an inverse H/S setting up, and indeed the 'RS' would be the all important $30 level.
Good wishes for Wednesday trading!
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UPDATE: 7.51am EST
Good morning all! Well, looks like this overnight posting is very much appropriate! Even more interesting, Gold is leading the way lower, something that the underlying momentum cycle was suggesting.
As noted, a break under GLD $150..and it probably signals that Gold itself will be $1200 or so this summer. That will make for a nice opportunity to buy physical.