We look for near-term resistance at the psychological area just above $550 and more importantly around $554.

For the near term, at least, the path of least resistance appears to be down.

On the way up in the spring you may recall the Dow went above 10,000 near the end of March and it was almost an anticlimactic event. Most of the gains were behind the market and it went higher in the spring, but really most stocks began to top out in April and May. It may work in the same away on the down side, breaking 10,000 might have a psychological impact that gets people more bearish,

but that would require a near-term lucky find.

Everybody seems to be talking about the strength in the dollar. That gave an impetus for some profit-taking in the gold today.

It was a combination of long liquidation and fund selling. We do see rising copper stocks and that is some of the impetus behind the recent pressure.