Along those lines, the PM world did not end last week, either, as some would have led you to believe. I'm extremely confident that "Turd's #2" is now set and in. Now we just need to move away from our bases and it looks to me like that is going to happen this week. Here are some hastily drawn weekly charts for you to consider. First up, the POSX. The trend is clearly down. After breaking support at 74, it immediately popped back up. It will now certainly head lower and test 74 again. IF 74 holds, then maybe we can start thinking that the dollar has stabilized but not until then.
Gold looks great and, after a higher close last week, looks ready to move higher still. Like we discussed Friday, I expect a run toward 1525 then a pullback toward 1515 before running higher again toward 1540-45 by the end of the month or early June.
IF it does, then we'll go tackle the 39-40 area the first week of June.
That's it. Time's up. I hear our overnight guests stirring upstairs so I'd better go make some more coffee. They're going to need it after the night we had last night ;)
Have a great Sunday. I'll try to check in this evening after everything opens. TF