Ed Steer says:

"I await the Sunday night open in New York with more than the usual amount of interest, along with the remainder of the Monday trading session that follows."

I totally agree with Ed Steer. Gold in Euro for instance seems to have stopped on Friday right on the inclining line that connects with the bottoms of December and June and is right in the corner at the end of a long term wedge.

However, more important seems to me the position of the dollar-Yen. Ever since Abe started Abenomics in October 2012 the precious metals have gone down. The 3-year $XJY chart (daily and weekly) is not only in oversold territory, but also there we have touched the bottom for the third time in a long declining wedge from which we either will break up or break down very soon (like next week and why not this Monday). When we break up and that seems likely in a declining wedge, we may see a reversal of this two year long everything disturbing dollar-yen carry trade and also likely see a reversal in many capital markets. And given the size of this carry trade we may see some serious squeezes in all of those markets, because short and long position are tremendous.

In case we break down, oh well. That may give us another ugly washout in the precious metals and miners to which we are, by now, immune.