Well...as the Precious Metals McClellan Summation Index suggested last month, a "last ditch effort rally by the PM stocks was likely to be seen (though from lower levels) before we see the actual counter trend top". With the price of gold declining to the $1202 level before rallying again to the $1250 this past week (with very little underlying price support by the PM stocks themselves), let's call this another good call by the Summation Index as the road traveled has indeed been a bumpy one for the bulls.
As we now move into the 2nd quarter, the updated chart of the XAU/Yahoo advance/decline line drives home the point that the rally in gold and silver had very little underlying support by the PM stocks, and because of this, a double top formation in gold is likely to be triggered from current levels. Expectations from here would be for a minimal downside target for gold to the $1180 level, but with the perceptive break of the December lows seen on the A/D chart this past month, along with the current "rolling over" weakness seen in this same chart, it wouldn't be too surprising if we also see a challenge of the $1130 level before the next update on April 28th.
Fib