I was pretty bearish this morning but today’s tape really changed my view short term. Gold basically looks like a bull flag or pennant consolidating above its middle bollinger band on the daily. Usd/jpy had a big smack down at its long term channel. And GDX looks like a giant bear flag but that will revisit its top rail now.

The gap in gold at 1285 has always bugged me as well as the gap in usd/jpy. I expect those to be filled now. After that, who knows.

GDX

USD/JPY