Gold is approaching a very key resistance level at $1,240 per ounce. Now, gold futures are up $4 on the day to $1231, which is actually another important level. I believe gold will come back down to the recent low area of $1215, and possibly head towards the next level at $1,210 per ounce. I believe the outside fundamentals (relative to gold) of a strong stock market and rising bond yields should push gold (much) lower.
The E-mini S&P 500 futures continue to rally off of any minor correction lower. I would not be surprised to see rallying continue. Moving averages look bullish and the market continues to be very complacently bullish.