30 July 2010

SP 500 September Daily Chart; Gold Daily and Weekly Charts; Silver Weekly Chart

SP futures failed at overhead resistance, but still have not yet taken out support, and the important pivot, to the downside.

Still it was a low volume weak ending to the month of July.

Gold held the all important support and came roaring back today, rallying as the selling for the option expiry and Comex contract rollover are done.

It is hanging around the important 1180 level, but taking out 1200 and sticking it is quite important.

So in summary, a very nice rally for the beleaguered bulls, but it is too soon to write home to mother about it.

Gold Weekly

Classic Bull Market

Silver Weekly Chart

Bull market but the trend is wider allowing for greater beta and a wilder ride.