GLD, weekly
SLV, weekly
Summary
A pullback is underway, the only issue is how far down do we retrace.
First target for GLD is around 166, and then 162. I believe the latter - also where the 200 day MA lies, will be hit in November. Whether we go below that, is very dependent on the global mood as we move into the Christmas shopping season of December.
The deflationary doomers will be looking for the May low of 148 to be taken out sometime in the next 3-6 months.
With QE3 underway, many are hyper-bullish on the precious metals, but they are clearly rolling over.
