CLICK ON CHART TO ENLARGE

After the key reversal day (first top at line 1) in Gold/Silver (see post here) I have not been comfortable with owning or suggesting the metals on the long-side. Silver did move on to higher prices and is still above the 11/9 key date, yet gold has not been able to do so! 

Until a breakout takes place, I remain uncomfortable suggesting to purchase the metals at the top of the channel, especially now with the potential “Flat/Double Top” looking to have taken place!

Will see if a small bounce can take place and then will look to score on defense in the metals complex.  With the decline in Gold prices today, GLD is now lower in price than back in mid October!