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Within their respective secular bull runs, both gold and silver have been in corrective phases for at least several months. Silver topped out back in late-April 2011, while gold peaked last September. The weekly charts of both ETF’s for the metals put the corrections into context, in the sense that there is little evidence that either one of them have put in major, long-term tops. GLD has effectively held its rising 50-day moving average, while silver is clearly above its major breakout from late-August 2010.
Recently, gold has taken the lead over silver, technically speaking. You can see below that GLD breached the resistance trendline over the past two weeks. What you are looking to see is whether a retest, or throwback, to the trendline break now holds as support. SLV has yet to violate its resistance trend line on the weekly, but the presumption is that if gold holds its breakout, then silver will follow suit.
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Chess,
thank you
@chess – Don’t you ever rest? 😉 Thanks.