This is likely the summer rally I was calling for. I wrote in the weekend Week In Review that I had stepped in gingerly on Thursday. Today I'm in with both feet.

This is a replay of the WIR part on Gold (and USD). The interactive charts will be helpful.

Gold:

A week ago I wrote, "$GOLD did not hold the $619.20 cycle low, as the price plunged Friday by $11.88 taking the week down $36.40 (-5.71 pct) to $601.60." This week, $GOLD dropped a further $21.10 to close at $580.50. It had reached a low of $542.27 on Wednesday.

The following day I turned bullish, but not so much that I put out an All Points Bulletin. These are dangerous waters for Mom & Pop. Traders of these metals and precious metals markets need to sit by a real-time monitor with the buy-sell switch in their hand.

In other words, this is a market for professionals.

Even a blog " unless I had the time and other resources available to do it by the minute -may not be so helpful, so best I not over-reach here.

Weekly Gold EOD Continuous Contract Index:

Daily Gold EOD Continuous Contract Index:

This interactive chart shows the recent trading for the Gold Bullion index.

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$SILVER dropped a further -7.69 pct W/W to close Friday at $10.27. The 40-Week MA of 9.87 held.

I believe a cycle low was put in on Wednesday at 9.48.

Weekly Silver EOD Continuous Contract Index:

Daily Silver EOD Continuous Contract Index:

This interactive chart shows the recent trading for the Silver Bullion index.

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$PLAT closed down -$27.80 (-2.33 pct) to $1,167.20.

The 40-Week MA is at 1051.53. I believe a cycle low was put in on Thursday at 1099.20.

Weekly Platinum EOD Continuous Contract Index:

Daily Platinum EOD Continuous Contract Index:

This interactive chart shows the recent trading for the Platinum metal index.

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$PALL closed the week at 305.18, down a further -19.42 (-5.98 pct) after a week ago plunging -$35.35 (-9.88 pct). The shorts have been cleaning up.

Weekly Palladium EOD Continuous Contract Index:

Daily Palladium EOD Continuous Contract Index:

This interactive chart shows the recent trading for the Palladium metal index.

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$COPPER dropped -6.75 (-2.07 pct) after being down -5.76 pct a week earlier. $COPPER closed this week at 320.00, which is still a long way off the 40-week MA of 239.09.

Weekly Copper EOD Continuous Contract Index:

Daily Copper EOD Continuous Contract Index:

This interactive chart shows the recent trading for the Copper metal index.

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Table 12: Senior gold equities

Sort columns by clicking on column header.

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
GG	27.38	0.39	1.44%	3.56%	-9.82%	-10.84%	13.14%	-2.04%	36.63%	79.66%
NEM	50.06	-0.45	-0.89%	1.52%	-6.08%	-1.79%	-12.39%	0.12%	-0.87%	26.03%
BVN	26.12	0.01	0.04%	0.04%	-5.02%	0.08%	-11.64%	8.43%	-8.09%	12.54%
GFI	18.09	0.15	0.84%	-0.88%	-13.94%	-19.49%	-6.12%	-8.45%	8.65%	65.96%
LIHRY	40.80	-3.34	-7.57%	-1.19%	-10.33%	-5.45%	17.65%	23.26%	29.81%	116.22%
ABX	27.72	-0.32	-1.14%	-1.32%	-9.68%	-9.23%	-3.82%	4.21%	2.44%	13.10%
KGC	9.710	-0.150	-1.52%	-1.42%	-14.37%	-10.34%	-1.82%	-0.31%	17.27%	63.74%
MDG	28.41	-1.23	-4.15%	-1.63%	-13.25%	-5.74%	18.57%	11.54%	41.20%	53.57%
AEM	27.84	-0.58	-2.04%	-2.79%	-19.72%	-15.87%	26.32%	11.23%	49.84%	118.18%
GLG	31.60	-1.03	-3.16%	-5.28%	-18.79%	-4.91%	6.22%	11.78%	25.65%	87.98%

A week ago I wrote: "$GOLD now at $601.60 has reached a second point where I will enter long trades, using the tactics explained when I dipped a toe in as $GOLD fell below $660 a month ago." Then on Thursday with spot gold at $565, I made a small move. This one worked out.

Traders have to learn the notion of price motion " the flow of prices up and down " to be able to understand trading. A trader who says "I can't dance" is one who can't trade either.

When you think there are major cyclic reversal points, you have to test the waters. Sometimes you get to eat small losses before you get a feel for the reversal. Sometimes it doesn't happen at all.

The point is that armchair quarterbacks are saying "would, could, shoulda" while real traders are getting down and dirty in the trenches. A little give and take until you feel the battle is winnable; then you put more into it.

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To watch the moves in precious metal miners, you will have to monitor the individual stock charts, preferably in real-time, as follows:

NEM ABX AU GFI GG HMY GLG KGC BVN
15-minute data
60-minute data
Daily data
Weekly data

MDG LIHRY AEM BGO IAG EGO PAAS GOLD CDE GRS
15-minute data
60-minute data
Daily data
Weekly data

CBJ SSRI RGLD SIL NG KRY HL TSE_HRG TSE_GUY TSE_AGI
15-minute data
60-minute data
Daily data
Weekly data

NXG GSS MNG DROOY MFN RNO RANGY MRB CLG GRZ
15-minute data
60-minute data
Daily data
Weekly data

Here are the key Silver miners and the SLV ETF:

SLV SIL CDE HL PAAS SSRI SLW MGN

15-minute data
60-minute data
Daily data
Weekly data

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A week ago, the U.S.-listed goldminers index ($XAU) was down -10.60 pct W/W to close at 128.42. This week it was down just -0.28 pct to $128.06. That's a long way down from $171.71 in a single month, but I think the indicated cycle low of $119.11 was the actual cycle low.

A week ago I wrote "Time to move back in with some buying, but I need to be careful here. I'll wait until early this week to discuss if this is the prudent move."

I figured that the metal prices had bottomed Wednesday, so I stepped back in on Thursday. Very carefully.

Here are the Weekly and Daily Data charts of the indexes:

Weekly U.S. Goldminers Index:

Daily U.S. Goldminers Index:

A week ago I wrote: "The Toronto Exchange-listed goldminers ETF (XGD) lost -10.56 pct W/W to 67.95. It may be getting into a second accumulation zone. I'll let you know."

During the day Thursday I let you know. I may even be right. A lot of it now depends on interest rates and the $USD.

Here are the Weekly and Daily data charts for the TSX Goldshares (XGD) index:

XGD Weekly data:

XGD Daily data:

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Forex:

A week ago, I wrote "The $USD reversed and gained 1.74 (+2.07 pct W/W) to close at 85.76. I don't think capital owners or managers all of a sudden decide that the USD was something better than sliced bread. Somebody else pulled the strings. Oh, a few words about recession etc to cool the speculative juices that have been goosing the metals will help."

This week there was more of the same, but the support for the $USD was much less. It might even reverse next week.

$USD was up +0.24 pct to 85.97. But I don't think the rising price will make it back to the prior cycle high of 86.50. The 50-Day MA of 86.09 will put in some resistance.