Just a hunch but given the wack-job gold and PM stocks have gotten the past two day I suspect the forthcoming March 'jobs' report is going to be very bad. Usually they walk gold down the few trading days before the report but this action the past two days is an exceptional bit of handiwork. Got the banksters fingerprints all over it. The previous two months reports were loaded with seasonal adjustments and inferred job gains. March report might be reversing out that.
If the script holds we get a rebound out of the report but below the seemingly magic 1600 level.