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.
"what should you do to avoid being an idiot or a swine? Merely this: You should do something great, you should lay aside all the foolishness of a more of less long existence, you should become resigned to the fact that you will seem ridiculous to a race of janitors and bureaucrats if you are to enter the service of Splendor. Then you will know what it means to be the friend of God. The friend of God!"
Léon Bloy