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Gold & Silver Could Be In Trouble

|Includes: SPDR Gold Trust ETF (GLD)

By Jeff Pierce

It appears the easy money has been made off the 2013 lows and I just don`t know how much gas the metals have left. Up until today I was open to the idea that Gold has bottomed but if we don`t find support on near the daily RSI on gold then I think we`re heading back to the lows. It`s too early to make that conclusion as Gold will at least have an attempt to take our recent highs and if it fails there then it`s going to be tough for gold traders. If it breaks and closes above that level then this will likely trade up to the $1400-1460 range before any meaningful resistance.

Silver`s chart is just a mess and it`s difficult to discern any real pattern or price targets from this sloppy trading. Silver hasn`t confirmed this move in Gold and this is one of the reasons I`m leaning to the notion of the metals revisiting the lows.

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