Gold has weakened after failing to break the 61.8% retracement of the April to May sell-off at $1264/oz. Silver meanwhile has disappointed the most. After breaking above $16.83/oz, the March low, yesterday if hit resistance once reaching $17.05/oz, the 38.2% retracement of the April to May slump (see charts).
These developments point towards some short-term consolidation with the overall focus firmly on the movements in JPY, US yields and stocks.
Chart source: SaxoTraderGO