Dear readers, few short notes:
1) Seasonality, depressed sentiment and Euro relative weakness have all brought to an extremely short term oversold condition.
2) The silver chart looks better then the gold chart.
3) In my opinion global geopolitics along global economy developments certainly support higher gold price but not necessarily lower USD index.
4) Long term wave (III) trend lines are annotated on weekly charts, Intraday Cbot active contract is near Fibonacci support level.