GLD, weekly
SLV, weekly
Summary
There is no sign of any levelling/turn yet, in what is now a six month decline from the mid-Sept' 2012 highs.
What should especially concern those looking for a significant bounce this spring/summer, is the key break below the weekly lower channel. This is a major problem, and is even suggestive that perhaps this new wave lower is the start of something more severe.
The summer 2012 lows are indeed critical.
If those fail to hold, with a weekly/monthly close under.. then a FULL retracement to the original 'Bernanke @ Jacksone Hole breakout' from August 2010 look viable.
That would put SLV in the high teens..and GLD back in the 120s...it is a very provocative thought.
