I *am*convinced that until GDXJ (down 4.5% this week) and its ratios start to recover, any bullishness is simply unwarranted, so I'll keep watching those charts. I found it encouraging that Mish Shedlock is bullish on the miners (see "Mish buys a basket of miners"), as he's no permabull or metalstard, but a cautious and savvy investor (and a damn good commentator on the passing scene).
So here's the euro gold chart, daily and weekly:
Gold in dollars hasn't even had a legitimate dead cat bounce since April and is standing on the edge of a precipice staring into the abyss.
***Here's the updated weekly log chart, with the critical support seemingly on the verge of giving way, especially with the FOMC propaganda ahead.
But at least palladium has kept the ball in play since the September 2011 crash in all the metals, making higher lows every 6-12 mos.