It seems like a lot is hinging on tomorrow’s Fed announcement. There aren’t expected to raise rate until September, so I’m not sure what participants are expecting…if anything.

Gold continues to hold the July 19th low, but prices haven’t confirmed a bottom. It’s been eight trading days. If prices bottomed, then they need to start heading higher.

Miners had nice rallies going into 1:00 PM. Prices faded by the close, so it’s hard to get a read for tomorrow. The HUI and XAU fared a little better and formed bullish candlestick patterns.

Expect increased volatility tomorrow. The Fed makes their announcement at 2:00 PM. By 3:00 PM gold should have its direction. If gold doesn’t rally after the Fed announcement, then I will shift my focus on Friday’s jobs report.

USD - The dollar has failed to rally after last weeks bullish engulfing candle. Prices are lingering near the lower boundary. A breakdown and close below the 50-day EMA (93.89) should trigger a rally in gold.

Gold -  Prices switched over to the December contract, and that’s why it shows a higher close. I think we will find out tomorrow if $1210.70 is the 6-Month low. If it is – then prices should begin to rally directly.

Silver- Prices again neglected to close above the 10-day EMA. Ideally, silver will remain above today’s $15.38 low. I think we will find out tomorrow if $15.18 is the 6-Month cycle low.

GDX - The rally in miners faded around 1:00 PM and prices closed just .05% higher. If gold bottomed as I suspect, we should see an excellent high volume up day sometime this week.

GDXJ - Juniors tested but closed above last weeks $31.63 low. I’m looking for a sharp up day this week to signal a bullish advance.

HUI - The HUI tested the top of the support box. Prices failed to form a swing low, but they did make a small bullish morning star pattern. Closing above the 10-day EMA will recommend a bottom.

XAU - Prices are well within the support box. The XAU finished the day with a bullish engulfing candle.

JNUG - There is support in JNUG around $12.00. I still have my position.

USLV - I still have my position. Prices have to close progressively above the 10-day EMA to confirm the 6-month low.

SPY - I felt prices would break cleanly above the 284 level before topping – now I’m not sure. A daily close below 279.36 would recommend an intermediate degree top.

WTIC - The pattern extended to touch the 20-day EMA. If we are going to see a flush down, it needs to happen soon. I’ll consider a long trade if prices don’t close below $66.29.