......................Important Downside Gaps To Watch

At 53.40 for NEM from 1-3 and at 128.03 for the XAU from 1-3. Short term cycle lows may occur shortly after they get filled, but, if short term cycle lows occur above both of those gaps that will be a bullish sign, especially given the bullish Federal Reserve Bank Credit data released today, and, would indicate that a test of yesterday's cycle highs is likely and that the minor int term cycle may still be heading higher. Tomorrow's COT (Commitments Of Traders) data will be highly useful of course in assessing both short term and minor intermediate term cycle prospects.