MORNING GOLD UPDATE

 

The markets feel like a coiled spring waiting for the next news event. The multi-week consolidation pattern suggests prices will either break higher or we will see a terminal 6-month decline to around $1240 and $1255 in late May. The next big market reaction will determine which way prices break.

At the moment (10:31 AM EST), it looks like miners and metals are reversing lower. Gold would have to finish above $1290 between now and Friday to favor the bullish perspective.