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Metals Still Pouncing on Major Support Levels


Gold and Silver (using weekly charts of GLD and SLV ETFs as proxies below) are not offering up much either way here. Both continue to knock on the door for a major breakdown, but have yet to do so. On the one hand, the more major support is probed, the more likely it is to give way. However, at some point if the breakdown does not have enough juice to get going you usually see a vicious move back up the other way.

I do not have a horse in this race yet, but I definitely want to be in on whichever side wins out, most likely in the coming weeks.



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