Pullback in progress

Things are unfolding much as expected. Gold has fallen sharply back into its channel, closing at $799 on Tuesday -- slightly under the 23.6% Fibonacci retracement level -- having plunged $49 from its intraday peak last Thursday. RSI has fallen from above 80% to below 60%, and MACD has made a bearish crossover.

Gold will likely test the lower rail of the channel and quite possibly fall below it to support at the 38.2% Fibonacci level near $773. Stronger support lies slightly below, at the 50-day MA, near $760.

Silver looks ready to test the lower rail of its own channel near strong support at $14, with the rising 50-day MA just beneath. RSI has fallen sharply through the 70% level, and MACD is about to make a bearish crossover.

GDX closed at $47.58 on Tuesday, more than $6 off its intraday peak of $53.84 last Wednesday. RSI has fallen below 50%, and MACD has made a bearish crossover. GDX may test the strong support at $46, which also happens to be where the 50-day MA currently sits.

The U.S. dollar is finally bouncing, with RSI crossing above 30% and MACD threatening to make a bullish crossover. Initial resistance is at the Fibonacci level around 76.6. Stronger resistance may be expected at the next Fib level around 77.7, near the 50-day MA.