After very nice advances in gold (GLD), silver (SLV), and copper (CPER) from February/March until May, the metals complex cycled into extreme momentum/overbought territory on both daily and weekly timeframes and then pulled back. We have been waiting patiently over the past six to seven weeks for signs of an attractive reentry point. We also wanted to see signs that the U.S. Dollar Index (USD) was topping, as a weakening greenback generally is a favorable backdrop for the metals. All three broke nicely higher on Wednesday, gaining 1% to 3% and breaking their downtrends off highs from the second half of May. At the same time, the dollar has dropped the past three trading days and traced out a lower high, but remains in an uptrend off the late-December lows. We had mentioned that the USD COT data recently deteriorated after being dollar bullish since late last year. GLD held in the best during the pullback, and has traded in a sideways consolidation, while SLV and CPER were hit harder. GLD didn't retrace even a minor 38.2% of its rally from mid-February and never was near daily oversold territory. A range break above $225 could send GLD up to $240 or more, and eventually a lot higher base