David Fuller's view Gold (weekly & daily) bounced from the lower side of its range today and generally shows stronger upside than downside days within the current sideways pattern since mid-May. This suggests accumulation in the region of the September and December 2011 lows but a sustained break above $1650 is required to provide further evidence that a major recovery is underway.

The Continuous Commodity Index (weekly & daily) found psychological and lateral support near 500 and has almost completed a mean reversion back to the declining 200-day MA. The strength of the initial rally and ability to hold most of those gains during the present pause suggests that demand still has the upper hand.

The S&P 500 Index (weekly & daily) checked its latest pullback with an upward dynamic today, suggesting scope for a further test of overhead trading established earlier this year. A break in the sequence of higher reaction lows since early June is required to negate the overall upward bias.