With the gold market rallying the way it is, I thought it might be best to go back and review this:
I would add this to the discussion:
And this, too:
I will have very limited internet/chart access for the next few days so please bear with me. In gold, the key level to watch for today is, quite obviously, the $1559.30 high of 6/22. A close above there would be hugely significant and I have a last of $1556.30. Closing above there would also eclipse the old, all-time closing high if $1558.40 set on 5/2. Who knew today would be such an interesting day, huh?
In silver, the level to watch is still $36.79, also set on 6/22. If silver can get through there and close above, it should have clear sailing to $38 and, beyond there, the critical 39.50 level. Unfortunately, silver is running into some risk-off, general commodity selling which is providing a rather significant headwind. We'll just have to watch and see. Maybe the FMX Connect people will be right.
OK, hang in there and have a fun day. It will be interesting, to say the least. TF