Dovish overtones from both the ECB and the Federal Reserve weren't enough to give precious metals a leg up overnight, with gold trading in a range between USD...

Dovish overtones from both the ECB and the Federal Reserve weren't enough to give precious metals a leg up overnight, with gold trading in a range between USD $1296oz and USD $1284oz. No surprises that neither the BoE or especially the ECB cut, but Draghis comments that they are comfortable acting next time suggest stimulus is coming as early as June, with Deutsche Bank stating Now that the June meeting is explicitly going to be crucial, not doing anything next month would in our view completely shatter the ECB's credibility We might be about to find out what 'whatever it takes' really means. Silver in an interesting position right now, approaching a major wedge formation, with downtrend from April 11 (USD $49oz peak), and 100DMA both near $20, whilst lower bound is at $18.22. At this point trend lines intersect in June. Is an inflection point approaching? More details here (VIEW LINK)