As Britney would say - hit me one more time.
The only downside at this point in gold, is continued margin requirement hikes. The path forward is clear - and nothing different than what has been done repeatedly (failing) in the past.
As for the market, we've broken the weak support of the 20 day moving average, and now approach a key pivot point the past 3 weeks - S&P 1175. That was the 'top' from three weeks ago, as well as the level we bounced off of early this week.
