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.
"Where such a shift in power is in favor of the governing elite, Power will achieve its murderous potential. It simply waits for an excuse, an event of some sort, an assassination, a massacre in a neighboring country, an attempted coup, a famine, or a natural disaster, to justify the beginning of murder en masse. Most state sponsored murder occurs under the cover of war, revolution, or guerrilla war, or in their aftermath."
R. J. Rummel