I am currently collecting data for another big article on Gold, so this weekend update will be somewhat brief.
Gold - Still under pressure while below last week's high of 1610. A move below the short term support zone 1580 to 1583 could trip a pivot, causing price to fall to 1550 to 1562, where fairly strong MT support should be found.
However, any dash above the 1610 high this week could invite a challenge of a multi-month trend-line above at approx 1650 to 1660.
Silver - working on what appears to be a wave (iv) triangle, irregular correction. Breaking out of this consolidation pattern above 40.85 should open up a run to my target near $43. Falling below 38.20 would jeopardize the run to $43 this week, and could allow price to fall back to support near $36.00
Crude - Needs to capture territory above 102.50 very soon to stay ST bullish. The pattern to the upside has become 'lazy', suggesting that further weakness below 102.50 may cause the price of crude to re-test a support/resistance zone between 93.55 and 95.85. Any impulsive move below this S/R zone would likely open up another attempt on $90ish, which is critical support for any further MT bullishness. Failure of support at $90 could allow a drop to test major long term support at $80ish.
I am not overly concerned about any weakness may come into the metals and commodities in the next few weeks. Actually a MT slide into Mid-August would be very welcome, likely presenting very nice buying opportunities at a discount.
Good Hunting.
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