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.
"When you speak these things, they will not listen. When you call to them, they will not answer. 'This is the nation that would not listen to the Lord their God. Truth has perished among them. Raise up a dirge on the barren heights, for the Lord has rejected and abandoned them under His wrath. For the Judeans have done what is contemptible in My sight.' This is the Lord’s declaration. 'They have set up detestable things in the house that is called by My name — and defiled it.'" Jeremiah 7:27-30