The Independence Day holiday is over and markets are resuming normal trade. Equities exploding to the upside and the metals are mixed with gold lower, platinum and silver higher.

Gold, as we have written the last couple of days, should consolidate somewhere around the 1780 level in August futures before making a run to new highs and possibly all-time. The action remains bullish even with some selling pressure, 1770 is the key level for gold to continue stay above.

Silver and platinum are both higher this morning, however they are going in opposite directions based on their longer-term trends. Silver is broken out to the upside and looks ready to test $19 September silver and possibly take out the yearly high. Platinum is trending lower and should fail at 850 October futures should this rally continue.

Todd Horwitz Chief Strategist
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