As the markets are closed today with the exception of bond ones, I would like to wish you Happy Easter – and if you don’t celebrate it, enjoy the extra time off, away from the markets, with your closest ones.

Here comes a brief chart update on both the S&P 500 and gold before Monday’s regular analysis.

Let‘s move right into the charts (all courtesy of www.stockcharts.com).

S&P 500 Outlook

The lower volume isn’t an issue as stocks closed the week on a strong note. The bullish price action on the heels of improving credit markets and technology-led S&P 500 upswing, has good prospects of continuation.

Precious Metals Outlook

There had been indeed something about the gold decoupling from rising Treasury yields that I had been raising for countless weeks. The rebound off Mar 08 low retest is plain out in the open, miners keep outperforming on the upside, and the precious metals sector faces prospects of gradual recovery, basing with a tendency to trade higher before the awaited Fed intervention on the long end of the curve comes – should the market force its hand mightily enough. Either way for now, given the rising inflation and inflation expectations, a retreat in nominal rates translates into a decline in real rates, which is what gold loves.