My pc crashed last Friday so I don't have access to my Ultimate Gann charting software until it is up and running again.Posts may be sporadic until then,for whch my apologies.

My general feeling is that we are now in a bear market,as signalled by the bearish alignment of the 200,50 and 20 dmas.Ron Walker at thechartpatterntrader.com discusses this and lots of other good indicators in his daily videos.I expect  more sideways or upwards corrective trading before the decline resumes.We are still overstretched from the moving averages,sentiment is still very bearish -  this probably needs to be unwound.I see resistance around 1200-1225 and more at 1250-60.September may be an ugly month. Gold may be tracing out a reversal...we reached 200% of the 1976-1980 range,as projected from the 2001 low last week. I still think a dollar rally may be possible given the overwhelming bear sentiment (eg look at the yen/dollar wedge chart posted recently),but would not jump the gun on this !