No serious longer-term chart damage has yet occurred in nearby gold futures.

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Amid the anxiety of what might come next from the Fed, the yield curve continues its steepening bias with nearby Eurodollar futures making slim gains while deferred contracts are firmly lower midweek.

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Taking a look at the bigger picture, Figure 2 reveals a monthly chart for nearby crude oil futures.

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That is major nearby support for February gold futures and a break under that floor would unleash a fresh selling wave of action.

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Somebody taking a longer-term view would use deferred futures contracts rather than nearby.

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But, he said, those looking to buy beef should think about getting long the summer futures contract months, rather than the nearby contracts.

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Whether it was a parent, teacher, coach, relative or church leader, we all have had someone nearby who has lent a hand in shaping our futures.

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