3pm update - net daily gains

US equities look set to close net positive, with the sp' somewhere in the 2105/15 zone. A break above key resistance of 2111 is possible in the closing hour.. but more likely tomorrow. Metals remain weak, Gold -$15... on its way to the giant $1000 threshold... possibly as early as June.


sp'60min

GLD, daily

Summary

*price structure for Gold/Silver remains a classic H/S formation. Once the Nov' of Gold $1130 is taken out, it will be a pretty straight forward (and possibly quiet fast) decline to $1000.
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It remains a case of no downside pressure, and Mr Market is clearly looking to take out a wheel barrow of short-side stops >2111.

Whether that occurs before the close... tomorrow or not until Friday, should make little difference to anyone currently long.
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*awaiting FB earnings at the close, which will likely have implications for TWTR, the latter of which I am long.
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back at the close