Well, what a difference 12 hours can make...
Everything, particularly crude and copper, is rallying. I'm not ready to recant all of the caution I threw out last night but, in hindsight, there could have been a little bit of capitulation there. Sort of reminds me of this:
So, for now, everything hinges upon gold recapturing 1405 and staying there. There certainly appears to be a double-bottom here. Look at this:
Do not overlook the fact that the USDX is trading right at critical support.
I'm not ready to give the "all clear" yet as there is still the ongoing Japanese nuclear situation but things sure look increasingly more compelling.
As usual, more later. TF