The following comments were sent to Polya Lesova, Financial Writer at Marketwatch.com, at 9:39 AM EDT.
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We've reached one of those interesting times in the markets where you have many fundamental forces colliding with the technical aspects of the markets. The FOMC meeting this week is keeping the metals traders on the edge as they square postions ahead of the Thursday announcement. The consensus is that the FED will raise rates again so that is already factored into the markets. With the Dollar/Yen having completed a 61.8% Fibonacci retracement at this morning's 116.69 high the Dollar's month-long rally could be coming to an end. If the Dollar turns lower it may just provide the spark that will allow the Precious metals to gain some footing and begin to move higher. Gold and Silver still have a ways to go before they test major resistance so, for now, this short-term rally in the metals has a long way to go before it becomes significant. For now, I continue to see the strength in GOLD and SILVER as nothing but a retracement from an oversold condition. When they approach their respective major resistance areas then we'll get a better idea as to whether the markets have actually turned the corner.

Dale F. Doelling
Chief Market Technician
Trends In Commodities