There is a situation setting up now in gold and silver that is potentially very bullish. It all depends on how one interprets the current medium-term cycle structure of both metals. If gold and silver started new cycles in October then they are bearish and prices will move lower at least into late December and possibly longer. On the other hand, if the October lows were not the final bottoms of these cycles and instead we are seeing them bottom now (or possibly last week) then both gold and silver prices could be ready to reverse and turn very bullish. Support for the bullish scenario comes from the fact that these metals are now making new lows in the current reversal zone (the midpoint was last Friday and the reversal zone lasts through the end of this week). Last Thursday both gold and silver made new lows and are now rallying. That could have been the bottom, but prices could still fall lower this week. Ideally, we would like to see either gold or silver make a new weekly low this week (but not both) for a case of intermarket bullish divergence. Actually, we probably already have a case of bullish divergence because last week gold fell below its low from May ($1,200), but silver stayed above its May low ($15.82).
Based on the above analysis I am going to go long in gold now and place a stop loss at last week' s low of $1,171, assuming silver also breaks its low from last week at $16.17, and especially if silver breaks below $15.82. If silver can stay above these lows, I may ride out a deeper correction in gold (but not past this week's reversal zone). I may also go long in silver over the next few days if the situation looks right, but for now I'm just entering a long position in gold.
I will comment on the other markets later this evening (still out of crude and equity markets).