Monday Chart Action

The short-term uptrend in gold is broken, but the long-term uptrend remains intact. Take a look at this chart and you'll see what I mean ...
And here's some interesting news ...

Gold may touch $1000: JP Morgan Gold may rise to more than $1,000 an ounce as demand from India, China and exchange traded funds increases and production of precious metal falls, according to JP Morgan Chase & Co., the third-largest US bank.

However, as long as the down days are bigger than the up-days, the bears will still be in charge. How much longer will that last? My crystal ball is cloudy. For clues, let's look at the US dollar ...

And now to silver, which is a bit more bullish than gold ...

And now to update my weekly oil chart from last week ...

We know that gasoline has been leading oil higher. Here is a weekly gasoline chart. It looks a bit toppy ...

But news of ANOTHER refinery outage (in California, I believe) could put an upward squeeze on gasoline prices.

If gasoline does continue to pull back, how low could it go. Let's look at the daily chart for clues ...


Some more news of interest ...

China's Trade Surplus Widens 73 Percent, Adding to U.S. Pressure Over Yuan China's trade surplus rose a bigger- than-estimated 73 percent in May from a year earlier, increasing pressure on the government to allow faster currency gains.

Putin Says Western Nations Must Recognize Economy's `New Balance of Power' President Vladimir Putin, hosting a conference with 200 chief executives from around the world, said Western nations must recognize an economic ``new balance of power'' in which Russia has a central place.

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