GLD, weekly, 2yr historic
From a MACD (blue bar histogram) cycle view, there is NO sign of a turn upward in the Gold market yet. We are still gently trending lower, we're under the important 10MA, and once again we are set to test the 1540/1500 level in the near term. If Gold can't hold the 1500 level, then a move to 1400, if not 1200 would seem likely at some point later this year. Of course, that is assuming the more deflationary macro-economic viewpoint, and we know the Bernanke will be ready to fire another QE ICBM at any point.
SLV, weekly, 2yr
Silver is actually stronger than Gold in terms of its MACD cycle, but will very likely go negative cycle at the Monday open - unless we see a significant opening gap higher. Silver is dangerously close to the $30 level, and the daily cycle is a clear flag.
Arguably, considering the cycle, and continuing down trend, $30 looks more likely than not be broken under. Whether we have a wild and crazy collapse wave - as we've seen twice in the past 11 months, impossible to say of course. What is clear, there will sure be a lot of stops triggered if we break under $30. A mini-cascade is very probable if the big 30 fails to hold.
