Hi all, this is the metals market on July 16, 2012. What do you think about the market on this week? Gold: 16July Support 1564-5: Double bottom 11July; 10July 1549.5: Ã¢â¬â2STD below the 21-day moving average. 1532: 30May low. 1529.3: 16May low. 1523.9: Larger picture, horizontal trend line that extends back to the 26Sep lows. 1500: Psychological support 1478.3 to 1462.5: Cluster of lows between 02May & 27June. 1456.8: 38.2% retracement of the Oct 2008- Sep 2011 rally Resistance: 1589: 21-day moving average. 1600: Psychological level. 1612: Falling trend line in place since the $90 drop on 29Feb. 1629: +2STD above 21-day moving average 1664.7: 200-day moving average Comment: Unstable is the best word we can use to describe Gold's current technical picture. Our Momentum indicator, about to go positive, has flipped back and forth three times since 21June... larger picture, eight times since the end of March with a week of Ã¢â¬ÅalmostÃ¢â¬Â in late April. Currently, our +-2STD Bollinger Bands are contracting. Watch out for the Volatility spring to uncoil and break out of the two and a half month consolidation. Our noted falling trend line resistance is the upper boundary. The lower boundary seems to be 1525 if one goes back to last Sep. Shorter term, a rising trend line from the 30May low comes in at 1553. Even larger picture, we remind readers of the giant descending triangle which extends back to the Sep 2011 high (1923.7). The upper boundary currently comes in around 1704. The bounce off our noted support level at the 26Dec low (1523.9) forms our horizontal trend line noted above and the lower boundary of the triangle. Seasonal Snapshot: All three patterns are in sync for the next month: rising until 20July, then falling until 31July. Copper: 16July Support (continuous): 3.4125: 21-day moving average 3.4240: Rising trend line from 22June low (3.2565) 3.2740: Ã¢â¬â2STD below the 21-day moving average has acted as a brake. Also rising trend line from the June 2010 low (2.7200) through the Oct 2011 lows (299.40) 3.2380: 04June low 3.2325: 15Dec 2011 low 3.2040: 25Nov 2011 low 3.0915: 20Oct 2011 low 3.0500: Target for a break below recent symmetrical triangle formation 2.9940: 03Oct 2011 low Resistance (continuous): 3.4775: 18June high 3.5280: The 38.2% retracement of the April to May decline and also clusters around the upper end of a brief consolidation range in late May. 3.5790: +2STD above 21-day moving average 3.5790: 200-day moving average Comment: Copper remains inside its symmetrical triangle formation as the Continuous contract is still finding support at its rising 21-day moving average. The best description we can think of for our technical indicators is Ã¢â¬ÅunstableÃ¢â¬Â, underlining the wide consolidation the market has been in since May. Additionally, our RSI is Ã¢â¬ÅmiddlingÃ¢â¬Â, bouncing between the mid 40's and low 60's.. A break out below on stronger Volume targets the previous lows (and the Ã¢â¬â2STD below the 21-day moving average), then ultimately 3.0500. Seasonal Snapshot: All three patterns rally until the beginning of August.