5:31 pm PST. Gold and silver futures are popping higher while the Dow and Nasdaq futures are down along with the dollar. We saw those prints on UUP Friday afternoon that we closed below and we can see the selling in the dollar continue this evening. I expect a slight pullback in /GC to maybe the 1212 area in the pre-market session and then a rally to 1224. I think gold could be entering wave 3/(3) up, which means very strong buying for a prolonged period of time, and shallow-short retracements. Every dip will be bought. We ought to see increased volume on these moves up.

I did think last week that the Nasdaq looked toppy. Again, I am calling a possible top and I expect a serious pullback could take place in the indices in the coming months. I will do an analysis tomorrow of where I think support could take place. I am looking at possibly 4700 in the Nasdaq.