3pm update - double top for gold/miners?

Whilst US equities remain in what is classic algo-bot upside melt, the precious metals and miners are threatening a short term double top. Having ramped from mid December, the metals and miners are unquestionably due a retrace, but regardless, still set for much higher levels into the early summer.


GLD, daily2

GDX, daily

Summary

*clearly, ANY break above the recent highs.. and the double top notion gets dropped.
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In terms of time, there is a problem in that, even if we fall for two straight weeks into the next FOMC, the metals/miners will not have cooled for very long.

In any case... whatever level Gold/miners are trading at the time of the next FOMC, in theory, both are default long-side trades.
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As for equities, we look set further micro churn into the close, but much like yesterday afternoon, still leaning on the upside.

Anyone doubt 2K won't be hit tomorrow?

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3.24pm.. Well, thats a pretty decisive break through for GLD and GDX.

No doubt, Gold is being helped via the weaker USD, -0.7% in the DXY 97.50s.
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