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.
“Thus, it should be understood that when pro-US figures use the term, 'rules-based international order,' they are not referring to anything analogous to the rule of law. Quite the opposite, they are using Orwellian language to describe a system in which essentially no rules can be established and/or observed, given that the dominant state has the prerogative to violate and/or rewrite “rules” at its whim.” Aaron Good, American Exception