I was right to be cautious on gold yesterday at the close. Although we closed above the smaller prints, GDX closed under the 4 EMA, as well as GLD and SLV. It might have been better to write that I was more cautiously neutral because of the technicals despite closing above the smaller prints. Sometimes it is better to ignore the smaller prints in light of the technical situation. Plus we closed under the GOVT print which probably was a red light for gold too. /GC dropping this morning and first support is at 1184. The dollar index made a marginal new low overnight and has popped higher.

I can see /YM rallying to 20126 after a little consolidation today.