David Fuller's view The Continuous Commodity Index (Old CRB) (historic monthly, weekly & daily) has encountered support near the psychological 500 level once again. Additionally, it has been a long time since we last saw a higher low, as occurred on August 7th, following a corrective phase. This latest rebound, while only seven days old, has been faster than its predecessor in July and also a more dynamic move than the subsequent retreat which commenced on July 23rd. Today, it has also pushed slightly above last month's high. Moreover, on the weekly chart you can see that the decline from nearly 600 in September 2012 was far more gradual than both its predecessor and also the earlier rally from just above 500 which commenced in June 2012. In conclusion, we have clearly seen another low of at least near-term significance. Moreover, the very bearish consensus on most commodities may now be a contrary indicator. I would expect commodities to rise as the global economy gradually recovers, as it now seems to be doing. Therefore, a sustained break beneath 500 by the Continuous Commodity Index would be required to offset current scope for a potentially significant recovery.

Gold (weekly & daily) has broken decisively up out of its recent range today. This is clearly the best rally since the high near $1800 in October 2012 and it followed two climactic sell-offs in April and June of this year. This action confirms that we saw a low of at least medium-term significance at $1180.50 on June 28th. A further rally towards at least the 200-day moving average appears likely before we see any significant resistance.

Silver's rally (weekly & daily) is even more impressive and its price action remains a high-beta version of what we see for gold. Watch for a downward dynamic to check this rally but if it can then hold at least half of this month's gains, during a reaction and consolidation, a further recovery will not be long delayed.

The US Dollar Index (weekly & daily) saw a big downward dynamic today, which checked this month's incipient rally. A close above 82 will now be required to reaffirm support near current levels and indicate a further rally towards the May and July highs above 84.