Gold has just formed a huge inverse head and shoulders over the last 16 months and a move up would be pivotal.

In April a record $101 billion in treasury debt was issued and gold reacted accordingly. Last week $104 billion was auctioned off, will gold have the same reaction? If so, $1000 is going down fast as every technical trader out there would put way too much heat on one of the largest commercial short positions on record which would cause a massive short covering rally similar in scope to the Canadian Wheat Board's short covering last year in a futures trade gone bad in the wheat market. The only difference is the Comex doesn't get discounted gold from the producers other than Barrick and a supply failure could shut down more than just the Comex.