From a macro-perspective, notice how all the averages prices are consolidating around the 200 day EMAs. This indicates that the markets are seriously conflicted about future movements -- are we in a bull or a bear market.
From an EMA picture, notice that short-term EMAs are clearly bearish -- all of them are moving lower and the shorter are below the longer. Most importantly, the 10 and 20 day EMA are below the 200 day EMA.
The daily chart shows that equity prices have moved in three segments over the last 10 days: a consolidation (a), a big drop (c) followed by more consolidation at lower levels (c).
With yesterday's price action, gold once again failed to move through the important resistance area of 122-123. This is the fourth time gold has had problems with this area.
For more on the Treasury market, see this post from Corey over at Afraid to Trade. he sums up that market really well.
