Looks like Gold (GLD) is also flirting with producing a downtrend(will establish a lower low with a close below 105.31). SLV already has by my definition but that support you point out is the only caveat. I always look at the reasons why to buy Gold or silver as the main driving force behind the price and things may be shifting here from stagflation and inflation worries to a situation where the majority expect or worry about weak to flat growth with mild to flat cost pressures. The second situation is not good for Gold/Silver. I also think that after the hysteria that was seen in the gold market before the last peak that the matrket needs to experience the pain this market can deliver meaning $900 or the $90 level in GLD is probable if these levels get taken out. For the SLV $14 looks like a magnet. Too many people that do not even remotely understand economic reasons to own gold own it at this time IMO.
edit: Only read your last post Mj before posting this. We may have differnt reasons but looks like we may be looking for the same thing.
edit: Only read your last post Mj before posting this. We may have differnt reasons but looks like we may be looking for the same thing.
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