GLD, daily
SLV, daily
Summary
Despite the strong up trend, nothing goes up in a straight line (well, usually), both Gold and Silver are putting in arguably multi-day flat tops again, although we've been through this a few times lately, before the up trend resumed again.
The underlying MACD cycles are looking toppy, and at the current rate of decline, we might go negative cycle by the middle of next week.
So, near term..a pullback seems very viable, but both the weekly and monthly cycles are pushing strongly higher. Considering the fact that QE3 is now underway, and monthly purchases by the Fed are likely to be further increased next spring
As ever, physical metals, rather than the paper ETFs remain the ultimate long term 'hedge against the paper printing maniacs'.
