This A.M. I have a distinctly you first attitude about any trades. The Gold and Silver have both hit major resistance levels last night with Silver rejecting a 30% retrace of the entire break @ 39. 36.23 will now become an important hold level on the daily charts. Gold has to start closing above 1530 to go again.

We see the importance of matching straight support and resistance in the individual currencies with the crosses. Yesterdays EUR/CHF challenge of a major tgt ( 122.50) caught all the Euro shorts wrong footed. The Euro then not only rallied but the spreads against the Metals started unwinding during the London session to squeeze more Euro shorts out.

It’s a risk on risk off world. let the day unfold. The decision process now is whether yesterdays lows in the currencies, which were great lows, can be revisited from the near term resistance levels the Aussie and Euro are now at.