SP500 below the 50 day, Gold weak

Weakness in the SP500 continues as it looks likely to break below the 50 day average and heads towards the 100 day average (about 2% below Friday's close). Last tested between Sept and Oct 2020. Below the 100 day average, the index is likely to see a bounce up from 4250.

Meanwhile Gold futures continue to trade below its 50 day and 100 day averages (about 3% from the current level) - given the inflation outlook and weakness in equity markets, there is likely to buying interest. On the downside, Gold is likely to see a bounce up from 1600.