11am update - Gold bugs in trouble

Whilst equities continue to hold significant gains, there is notable weakness in the precious metals. Gold is -$12, with Silver -2.3%. Price structure is a clear H/S formation, highly suggestive of much lower levels into the summer. Gold @ the giant $1000 threshold looks.. highly probable.


GLD, daily

SLV, daily

Summary

*little to add on equities, hence a little side track to the metals.
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In theory, if a H/S formation... then should see increasing downside pressure across the next few weeks.

A higher USD would add further pressure... although is not entirely necessary for downside targets to be hit.
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notable strength: Discovery (DISCA) +4.0%