With the Euro weakens considerably (and may even dropped further), the Gold chart seems to be a cup and handle in formation.
If it stays at current level, the leading kumo support is fairly thick.
It also has good support from the Weekly Chart at 110.
If Euro issues worsen this week, I won’t be surprised to see Gold shoot up and complete the handle.
Next support is at 1.1789
If it breaks, the target is 1.0975
I believe that the chart will tells a thousand words.
Clearly, we can see that SPX is now sitting right at the kumo support.
Any break below of this support, and the support at around 1110 will be a bearish move for the market.
Unless SPX can maintain bullish moves till mid June, I am biased towards the BEARS.
