NEW YORK (TheStreet) -- Gold futures for June delivery are taking it on the chin today as stocks continue their march higher. June futures are trading down $24.30 per ounce as of this writing, at $1,576.60 per ounce.The SPDR Gold Shares ( GLD) is down over $2.00 per share, currently trading at $152.63. Gold has succumbed to chart selling as futures were not able to maintain meaningful trade above the psychologically important $1,600 level. In addition, with today's selling gold has made a clear break below some key moving averages such as the nine- and 20-day exponential moving averages (EMAs.) This appears to have triggered a cluster of sell stops, which are likely largely responsible for today's slide. Outside markets did not do gold any favors either, with oil futures trading lower today while the U.S. Dollar Index ( DYX) once again moved higher. Gold certainly appears to also be under pressure as stocks continue their seemingly non-stop ascent and investors pull assets from perceived safe-haven instruments and put more money to work in equities and other risk assets. The question is, where will prices stop? It appears likely that gold futures will now test the March lows at $1,562.50. Should this area not hold, then a test of the February low at $1,556.40 could be in store. The trend is clearly down on the daily and weekly time frames. However, the weekly chart does appear to show a rangebound market more than anything else.