 Good morning to CMC Espresso. Summer rate hike probabilities are on the rise still, you will say, which results in lower gold prices, higher dollar quotations and rising short-term US Treasury yields. Stocks meanwhile haven't made a decision yet where they want to go next. The S&P 500 index has formed a head and shoulders topping pattern which has not yet been activated. This will be the case only if the index is closing below 2025 points. On the other hand, should the S&P close above 2085 points on day's end, the topping pattern would morph into a continuation pattern that would be a technical rally signal. So for traders to buy and sell triggers are clearly set. The question will be from now on how much the dollar will rise. Any stronger dollar could derail the gold rally and pressure oil prices. The oil cartel OPEC will meet on the 2nd of June. Then we might hear about a new Iran because as early as next month Iran could export as much oil as before the sanctions began. So Iran in just one year would have restored the status quo and then they might be willing and ready to join the Russia Saudi alliance to cap world crude oil production. This could rather support the price of oil. Meanwhile the rally in gold is highly dependent on the development of US interest rates. Yesterday there was the president of the San Francisco Fed Williams who said that the Fed may high grades independently from the presidential election and independently from the proposed referendum on UK staying in the European Union. Analysts from Citigroup paint a bleak picture for the outlook of gold because of that. Of course a rate hike could further strengthen the dollar which in turn could pressure gold prices once again which could go as low as a thousand dollars by year end. So the Citigroup says that it's not so unrealistic if you think about it. Remember back in the year 2012 as the price of gold rallied from 1500 to 1800 US dollars an ounce back then most retail investors thought that this is the end of the gold price correction and poured money into physically backed gold funds. But we all know that prices crashed afterwards. This time there is a similar behavior in gold. There were record physical quantities of gold bars backed for the SBDR Gold Trust in the United States. That is not the case but retail demand there's not a case today but retail demand is soaring right now. But the technicals if you look at the gold price itself they are somehow starting to diverge because the downtrend since the year 2011 is still intact. To this might very well be another trap another diversion signalling another trap in the price of gold as Citigroup expects. As long as the price of gold is below 1307 dollars the downtrend from a technical perspective from a trend following perspective since the year 2011 is intact. So be careful on gold on both directions. This will be a hot summer for the precious metal. According to a just released very bearish note from Morgan Stanley there might be another risk coming to the market not from gold or the federal reserve but this time again from China. We all know that the People's Bank of China injected one trillion dollars in new credit in the first quarter of the year to stem the adverse effects of the stock market crash that began at the start of this year. Morgan Stanley thinks that the positive effects from this liquidity injection could have vanished by now. So they think there might be a greater risk that another China slowdown arrives even sooner and even sooner than August they think should they be right. This assumption or should they be right with this assumption it is relatively clear that this could mean to the plans or what this could mean to the plans of the Federal Reserve to high grades and if the Federal Reserve would not high grades it is relatively clear what this would mean to the price of gold. This could be a signal for a very bullish development in the yellow metal.