We haven’t done an update on gold and gold stocks since the end of February.  The reason for this is that their charts have been broken.  As technicians we look at price, volume, trend, strength, sentiment etc. to help us determine the likely path of a security.  But, when price breaks down hard it skews the chart pattern so badly that the most important component for technical analysis (price) becomes of little value (other than the obvious message that the stock is broken). As a result, all we can do is wait for enough time to pass for the stock to reassert a readable pattern.  Finally we’re starting to see a trickle of information from precious metals charts. In early February when GLD was trading above 160 and bouncing against the underside of its short term down trend line we gave up almost all bullish hope for the metal.  By the 13th of February we stated that if GLD traded back down to 150 that “GDX will almost certainly break

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