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Tickers in this Article: DZZ, GLD, IAU, SLV, SIL, GDX, GDXJ, PPLT, PALL
New York, May 9th (TradersHuddle.com) - As was the case with oil and U.S. equities today, gold extended what has been a deeply concerning losing streak. Comex gold for June delivery fell $10.30, or 0.6%, to $1,594.20 an ounce as traders ditched riskier assets in favor of true safe havens such as the U.S. dollar. The PowerShares DB US Dollar Index Bullish (NYSE: UUP) gained 0.4%. Gold's closing price was its lowest level since December 30. Of course, the negative catalyst remains Europe. Gold has been intimately correlated to the euro this year and the common currency is now resting at levels not seen since January. The currency is now viewed by traders as arguably more imperiled than at any point since the start of the continent's sovereign debt contagion, since it seems all but certain that at least Greece will leave the common currency. Compounding gold's woes is speculation that Spain and perhaps another fiscally challenged European nation will eventually be sent packing from the euro.

Not only is the gold bullion facing fundamentals, but also the technical outlook has turned bleak. The $1,600 area was seen as critical support and gold has obviously violated that level after trading as low as $1,578.50 an once today. Translation: It's likely that the path of least resistance for gold over the next few days is lower and that is the obvious reason why the PowerShares DB Gold Double Short ETN (NYSE: DZZ) has surged over 6% in the past week.

On the downside, the iShares Gold Trust (NYSE: IAU) and the SPDR Gold Shares (NYSE: GLD) were both down by 1% today and both major ETFs are home to terrible charts. The other precious are in positions that are equally as ugly. The iShares Silver Trust (NYSE: SLV) lost another 1% and appears likely to violate the $28 area.

The ETFS Physical Platinum Shares (NYSE: PPLT) slid almost 1% on volume that was less than a third of the daily average. That fund has lost 4% in the past week alone and more than 6% in the past month. More alarming is the case of the ETFS Physical Palladium Shares (NYSE: PALL), which slid 1.4% on volume that was better than double the daily average. As we noted on Tuesday, it appears likely PALL will at least flirt with its October 2011 lows.

Selling pressure accelerated in the Global X Silver Miners ETF (NYSE: SIL), which fell another 1.1% on volume that was better than double the daily average. On better than double the average daily volume, the Market Vectors Gold Miners ETF (NYSE: GDX) added more than 2%. The Market Vectors Junior Gold Miners ETF (NYSE: GDXJ) jumped 0.6% on volume that was almost triple the daily average.

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