The market had been in a consolidation/mini correction as we have been noting.
Gold is getting clobbered as it should. Let’s please keep it real, because a lot of gold bugs are not going to. The case for gold, silver and commodities rests on an inflationary phase, which strong jobs and wages would indicate out ahead. But for now, the hit to the precious metals is logical.
What is also logical is that stock markets are breaking upward from the corrective consolidations of the last couple of weeks. SOX and Dow show this well. A close to the week in this state would greatly enhance the chance that the correction is ending (well above what I had thought could be its potential).
Just an FYI visual for you.