Sunday afternoon. Checked the longer term gold charts yesterday. Looks like we are getting to oversold territory there as well as the short term. Now if the weekly XAU uptrend line holds, you've got yourself as trade. I'll be looking at July NEM calls as a proxy for gold again. Would like to see NEM get down to around 36 again. I'm not sure but it might take a little while for a base to form this time. And therein lies the usual problem with trading. You just never know for sure. You take your best shot and see what happens. The only predictable thing about it is its unpredictability. However that is the game plan as of now for gold. The OEX is not giving any decent signal one way or the other. I will hopefully stay on the sidelines unless something decent appears. Lots of economic data to be released this week. But we are also heading into summer, when people take vacations, the kids get out of school and the markets are not in the forefront of moneymovers minds as they are at other times during the year. So the sideways action since the beginning of the year could continue along with the light volume. Maybe we will head up to the top of the trading range. Time will tell. See ya tomorrow.