The strong USD continues to be a thorn to the bulls. The recent decline in equities hasn't helped to move gold one iota higher anyway as August Gold is still caught in the jaws of the bear as it continues to slowly edge lower. Not only that, but also note that total open interest in futures contracts is contracting, it seems that at the moment, nobody gives a rip about gold. The trend in gold has been and is still clearly lower. Yes, one day it will rally as it can't go to zero, and if you can't resist jumping into the bullish camp call option purchases which entail minimal risk and maximum reward possibilities are the only reasonable way to go.
Technical signals are bearish but some are oversold.
Consider remaining neutral to bearish until two consecutive closes over 281.3, but bears should look to 275.2 as the next target. September silver closed at 503.8, up 3.8 cents, as it seems strength in palladium and platinum may have spilled over a bit into the silver pit. However, until today, silver has mostly been oblivious to the recent strength in platinum and palladium as it remains bearish to comatose. Silver is still in the midst of the 4-month trading range of 495 to 520. The sloppy technical action is just another sign that this market is looking for direction, a fresh catalyst of some sort.