Gold - Continued to head up into a New Moon this weekend. As well as creeping further toward a key resistance zone of 1645 to 1660. I think there is good possibility that a turn in PoG is close and could head lower into a correction for a couple weeks, up to 8 to 12% pull-back. However, if PoG closes above 1660 on the daily, the potential for a correction is far less likely. Key support is still at the 10 EMA, which has supported gold's advance since the last New Moon low at the beginning of July. The 10 EMA is currently at 1605, a daily close below this level is often a sell signal. A weekly close below 1615 is also a bearish signal.
Silver - touched a key supporting trend-line at 39.25ish on Friday. There was also a bearish divergence with the price of gold, often a bearish sign. Moving below 39.25ish on Monday and closing the day below 39.66 would be bearish. Keeping above 39.25 and moving above 41.44 would continue the current uptrend toward 43+. The GSR is ready for a {c} leg up toward resistance at 46 to 50ish. Such an advance would likely cause silver to drop strongly toward support at 34, and possibly lower. Chart update on GSR tomorrow AM.
Copper - Many news stories, about copper thefts. Same rash of stories came to light at the last major top in 2008. This falls in line with my assertion that a wave 5 top is in play, such stories are a sign of mania, and manias propel 5th waves. More upside toward 5.00+ is expected, with 4.20 being key support.
Cotton - Has moved down to LT support zone between 80 and 95. A bounce from this zone could see cotton rise back up to 140 to 170 in the months ahead. A seasonal low is common in late August/ early Sept.
S&P 500 (SPX) - May have completed a bullish triangle on Friday. Keeping above the 200DMA on a daily closing basis, SPX could mount another rally into a final 5th wave, retesting the previous top at 1370+. For more EW info check out Daneric's blog at http://danericselliottwaves.blogspot.com/
Good Hunting.
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