Maybe someone could post this at I-blub?

"What a difference a set of lackluster housing data can make! It sent the Euro soaring, the Dollar tanking towards .79 on the USDX and the precious metals soaring.

Based on the large increase in open interest in yesterday’s session ( + 10,565), the small price range and the fact that it all occurred with gold at the $1300 level, it is now apparent that the bullion banks were making a concerted effort to cap the hold the price of gold from breaching $1300 especially on a pit session close.

All in all, a large number of fresh shorts were then instituted at or near that level. Guess what – someone came into the market after the lousy housing data was released this morning and blew every one of them out of the water. Within a minute’s time, a surge of buy orders took price right through $1300 completely negating the overnight selling pressure and forcing a short covering burst on up to $1304 before prices subsided a bit. Then momentum buying came in pushing prices back up again as the market moved on up towards $1310, topping out at another record lifetime high of $1309.20. A brief lull followed which led to yet another burst of buying this time taking prices above $1310 with relative ease before once again it set back a bit.

Silver followed suit after dipping as low as $21.06 overnight as it took out its 2008 peak before setting back a bit. The close over the March 2008 high has it now looking poised to make a run towards $25. I am just projecting resistance levels at this point but that does appear to be the next likely target. There is a bit of resistance that could surface just above $22 prior to that.

The HUI is in the process of attempting to make another run towards 510. That still remains the last barrier prior to formidable resistance near 520. Nothing has changed in regards to that chart; the index needs to push through that barrier preferably on a weekly closing basis, to indicate that the mining shares are finally breaking out strongly to the upside. Were it not for the continued hedge fund ratio trades, that level would have already given way. I suppose they feel as if they can ride that trade a while longer yet. We’ll see. If makes infinitely more sense for them to take the long side of the shares and the short side of the broader equity markets since any QE2 will feed directly into Dollar weakness, gold strength and continued reflation trades.