Yesterday I commented on gold and silver. I said that I expected both markets to develop three phase reactions and that the rally from yesterday's low was only a second phase move which would stop at a lower top in both markets.
Today we are seeing more strength than I expected. August gold has actually made a new high for the rally from the 547 low in June. So I think August gold will reach 655 on this swing, close to the ultimate 662 target for the rally from 547. I think September silver will continue up to 1200 before another reaction sets in. My ultimate upside target for silver is still 1270.