Gold Daily and Silver Weekly Charts

Gold Daily



Silver Weekly



Silver Weekly with Alternate Formation

SP 500 September Futures Daily Chart

A sleepy day in New York trade, and the markets showed light volumes with a late day push higher led, as always, by the SP futures. The index futures front month will be rolling over in a few weeks to December. Can believe it! The first blush on the leaves, and the earthy odours of autumn, the heat of the November elections, and finally the sting of Jack Frost as another year toddles into history. His mill grinds slowly but exceedingly fine.

The markets are expecting the August Non-Farm Payrolls report to show benign or better growth than the expected -120,000 overall, but especially the +44,000 private jobs that is forecast. It may not take much to keep this rally going towards the 1100 level. Let's see what happens.

Along with the big wind of the government statistics, Hurricane Earl will be rolling by the Hamptons tomorrow afternoon *watch it here* and so the Masters of the Universe may take off early leaving their sith apprentices in charge. But they may be all dressed up with no place to go, at least until Mother Nature clears out and the damage if any can be assessed around their pricey watering holes. It appears as though it will be passing well to the east of metro NYC.

SP 500

Gold Daily and Silver Weekly Charts

Gold Daily

It was interesting that gold and silver held their ground, even as the dollar and bond retreated, as it was 'risk trade on.'

They appear to be building another base here, consolidating their recent gains and an impressive rally.



Silver Weekly

SP 500 and NDX September Futures

SP 500

The 50 day moving average is around 1081 and the 50 percent retracement for the entire decline is indicated on the chart.

Today's rally appears to be a technical relief rally, in which the market professionals and insiders use positional knowledge to squeeze the speculators who were holding to the short side.



NDX