[Gold] is nearing the end of a two-month avance, that being the third instance of the pattern dating back to last October. Slowing momentum readings currently are consistent with what occurred at other tops, and the market could easily correct soon or extend the pattern slightly into early May.
The gold ETF (GLD) has made higher highs compared to late February (current futures did not), but suffers from the same bearish divergence condition on momentum studies. While longer-term conditions look very bright for gold, weekly resistance at $701.50-05.50 Jun remains a key hurdle to get past.
In [oil], daily bear trends turned neutral on Monday with the strong upsurge in Jun futures. As mentioned, monthly trends are on track to turn bullish at month's end, fortified by yesterday's strong showing. Weekly resistance at $66.35-45 has nearly been tapped against today; daily barriers are at $66.67-67.00.
Daily trendlines from late March have been broken to the upside today on minimal gains, and Elliott wave work shows the market having additional bullish potential. Just holding above $66 Jun will keep bulls on the right path.
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