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.
*clearly, ANY break above the recent highs.. and the double top notion gets dropped.
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.
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?
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.