Gold and silver took a fairly stiff hit this morning as the US dollar rallied on Yen and Euro weakness.
I have been looking for a big down move to flush out the trade and help to set a shorter term bottom. This may be it, or we may have some more to go.
Chartwise we are at the bottom of a trading range, if in fact this is what it is.
Since the precious metals seem to be running counter to stock these days, the rounding top that may be forming in US equities is of particular interest.
Lots of possibilities, but for now the weakness in metals is the dominant force, and stocks have been on a tear since bouncing off their own bottom of doom and gloom just a few weeks ago.
It is hard to be too cynical about these markets, and too skeptical of official statements.
Let's see what happens.
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