Gold prices slipped to $1304.70 overnight, and spot silver hit $15.45. The 8:30 AM retail sales numbers came in much lower than expected. The poor numbers hurt stocks and oil and gave gold a quick boost to $1315.70 (currently $1313.20). Silver remains near its lows.

Gold would have to rally decisively above $1322 to interrupt the short-term pattern of lower lows building in the intraday chart. Slipping back below $1310 would dispute today’s upside reaction to the weak retail sales.

I’ll keep an eye on things and update later this morning.