Gold market has calmed down a bit

It is still volatile but compared to the wicked roller coaster rides of recent days, it seems a bit calmer. Physical buying under $1600 has been very strong which is serving to shore up support on the chart. Still, there is not enough "umph" to take it convincingly through the $1680 level, a level which must be cleared to let this thing retest $1700.

Downside support near $1580 needs to continue to hold to keep it from dropping back towards $1550. So far the spike low seems to be safe.

The mining shares are still struggling to get anything going to the upside. The S&P has faded from its earlier gains and moved into negative territory as I wriet this. That has taken most of the wind out of the HUI.