The overnight action was disappointing but not necessarily surprising. The metals needed to back and fill some and they've done just that. Today becomes a very important day for our "recovery". Here are your charts of interest.
We must start with the dollar. I've seen a few comments wondering why I keep posting dollar updates. Please understand the historical, inverse relationship between the $ and gold. Again, gold is the ultimate anti-fiat. For the past few months, that correlation has been interrupted. That this change in historic correlation coincides with QE to infinity wreaks of manipulation by the Fed. No matter, it won't last. In the near future, the algos will hit a flipping point. Will it be 1350 v 77? Maybe 1375 v 76? Its impossible to say. What we do know is that it will happen. Soon. Take a look at this sick pig:
Take a look at DrC! I mentioned last evening that I was a little concerned that we hadn't yet broken the 2011 pattern of lower highs and lows. Well, we're getting close. I have a last of 435.15.
I leave you with three excellent bits of reading. I'm out of time so just the links. In your case, please make the time to read all three today. Maybe I can comment on them later. TF
This one is a must read.