Hourly chart first, showing the S&P 500 testing a support shelf. Or is it the neckline for a Head and Shoulders top? Indeed it doesn't take too much imagination to see two Head and Shoulders tops, a larger one whose Head was the May peak, and a smaller one forming the right shoulder of the larger pattern.
Daily chart suggests that a break lower through the hourly chart support shelf would add further confirmation that mid-May's break higher was false, and that a down trend is beginning.
Friday, 31 May 2013
Daily chart. Since October Gold has turned down shortly after each test of the 40 day simple moving average.