if the market was ready to break above the $1600 level you would have to assume that is a significant sign that we are going to continue going higher, perhaps reaching towards the $1650 level, and that, of course, the $1800 level. We are in an uptrend, despite the fact that we have had a significant selloff over the last couple of days, so one should still favor the upside as central banks around the world continue to keep monetary policy very loose