Gold made fresh lows and finished well-below the $1238 level. A marginal low reversal is still possible if prices rally and close above $1238.80 within the next 1-3 trading days. A breakdown below $1225 will open the door to $1200.

Silver is at significant support. The last three intermediate cycles bottomed around here. If this level is going to hold, we need to see substantial buying enter the market within the next few days.

Miners continue to diverge, and their resilience has been remarkable. The volume in NUGT today was extraordinary. I believe something significant is taking place. When gold finds it’s low, prices could begin a breathtaking advance.

-US DOLLAR- Prices continue to chop back and forth. Progressive closes above 95 would eliminate the potential head and shoulders top.

-GOLD WEEKLY- The weekly chart is below the 200-week MA. Typically, you can define a market as bull or bear by the 200-week MA. Prices trending above the 200-week MA record a bull market. Prices trending below the 200-week MA equal a bear market. Currently, prices are testing this level. Penetrating this level is relatively common. Gold would have to tarry below the 200-week MA for a few months to confirm a bearish trend change. If gold continues to decline, the next level of support arrives around $1,200.

-GOLD DAILY- Prices broke clearly below the $1238 low. Closing back above $1,238.80 within the next 1-3 trading days would support a reversal and subsequent bottom. If prices continue lower, there is significant support around $1,200.

-SILVER- Prices are at significant support. The last three 6-month lows have bottomed around here. Let’s see if we get a fourth.

-NUGT- The average daily trading volume for the past year is 6.8-million. We saw 12 times that today. The Accumulation/Distribution line (below) spiked above the February high. Is a big player gobbling up shares before a massive rally?

-GDX- Gold closed decisively below the $1238 level, but GDX finished positive. Something significant is brewing in gold miners. Their relative strength is remarkable. When gold finds it’s low, prices could begin a breathtaking advance.

-GDXJ- Juniors failed to finish positive but are near short-term support.

-JNUG- Prices tagged the lower border. Let’s see if they can summon a reversal.

-USLV- The triple leveraged silver fund reached new all-time lows (along with my pride). My shares are severely underwater, but I continue to hold.

-SPY- It’s been 12-trading days since the June low. Since February, rallies have begun to fade about now. At the moment, there are no signs of a reversal.

-WTIC- It’s beginning to look like this 40-day cycle may time a low. I’ll consider a short-term long position if oil shows signs of bottoming between tomorrow and Friday.

I’ll be looking to see if gold recaptures the $1238 level within the next few days. If it doesn’t, then prices will likely test the $1200 zone. I’ll also be keeping a close eye on miners. If my bullish assumptions are correct, we should get a series of strong up days around the time gold sets its low.