AUG GOLD

Resist: 1606.20, 1611.20, 1618.00*

Supprt: 1579.50-1578.60, 1572.90*
Comment: The market remains in a short term bottoming upturn. Despite the pullback, look for trade to fight for a bounce off the key 1572.90* support to resume bull trending action. A close below 1572.90* is needed to signal a reversal and drive selloffs back along 1350-, challenging for a return to the larger multimoth bear trend. A close over 1618.00* is positive. A surge over 1647.20 could launch a drive to 1679.80-1689.50.

JUL SILVER

Resist: 29.23*, 29.62, 30.82*
Supprt: 28.25*-28.09, 27.48-
Comment: Overall the market is bearish. Yesterday’s retraction of Wednesday’s upturn is alerting for a failed upturn and trade is vulnerable to selloffs. A close under 28.19* or drop under 28.09 will confirm a flip back to bear trend forces and lead selloffs to attack recent basing lows. A climb back over 29.23 will bring some bull forces back into trade, but a pop over yesterday’s high is needed to rekindle a bull projection to 30.82*