Gold taking a beating as stocks hit new highs

Gold testing old strong S&R level as stocks take off

We're at a very familiar and important number in gold as it falls to the lowest since the end of March

Gold daily chart

The level I've highlighted has been a strong S&R level going back to 2013 and it could well have a big part to play again. We've been through the line specifically by a few ticks but the whole 1175/80 area needs to be watched. A firm break of 1175 could see us having a look at the March 1150/40 lows and the Nov lows at 1130

Stocks are a big driver, as they hit new record highs. The S&P has traded above 2120 and the Nasdaq continues to pile on the ticks, briefly breaking 5100