Gold broke the $1,226 level mentioned in yesterday’s report and silver has broken lower from the bear flag. The US Dollar is rallying for the 4th consecutive day and may pullback tomorrow. Overall we should see metals and miners trend lower into a 6-month intermediate cycle low by late April or early May.
-GOLD ETF- GLD and Gold have broken their trendlines today, and our analysis is on track. Prices should now continue to drop into a late April intermediate cycle low.
-GDX- Miners haven’t broken their trendline matching gold, and they need to so we can be certain the topping formation has terminated. Prices dropped opening a gap today that I would prefer to see close before we thoroughly break below the trendline.