Hey Coach. I am of two minds as to where PMs are headed in the next month or two. According to the research I posted here last month a window of opportunity opened today for Gold to take out the standing overhead resistance trendline at $1275 & set new all time highs. We have about 2 weeks for this to happen or until August 19 by my calculations.

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otoh I find the technical position of the Dow rather troubling. It's sitting right at a major downtrend line and thus is ripe for a correction - possibly a nasty one - that will throw it back well into the 5-year trading channel. Frankly I highly doubt the market is willing to believe that the Dow is going to make a bullish breakout at this point given the rapidly deteriorating economic backdrop. This can only happen in my view with the official launch of QE II in which case the countertrend move of stock in relation to the economy is the first clear signal of major inflation at hand which in turn would be tremendously bullish for all kinds of PMs. Take your pic folks but I'm leaning towards a larger market correction later this month if the gutless Fed refuses to act now. Not pressing the liquidity button today is a standing invitation to the hedge funds / investment banks to set up a massive short position.