There appears to be substance to the China story wherein the government shall try to slow the rapid pace of economic growth there. There is a continuing negative impact on copper and gold, and possibly oil, for this reason.

For gold, the next support is 580.

I'm going to hang in and look for another entry point for gold because a strong China Yuan will be a negative for the $USD. Also, I am expecting a re-test of the highs in oil, and beyond.

But this pullback has pushed the price of the metals below the 50-day Moving Averages, which is important technical support. We'll have to see if the 200-day (40-week) MA's hold.

See you later this evening.