***UPDATE: the lower trend line on the silver chart held (barely) today. Given that a true silver "breakout" will require a move through the top of the trend channel (note how many times it has tried and failed recently), if we drop below the lower trend channel, that will most likely become a second tier of resistance, and wouldn't bode well for silver in the intermediate term. Stay tuned.
Yeah i know it's Saturday, but I'm gonna be away tomorrow.
In short, I'm not bullish on the metals this week. I see the dollar rallying, perhaps over 80 on the DXY, such that I'm betting the following charts make their way back to the blue lines in the weeks ahead.
On this silver chart, I see a test of the lower blue trend line at some point where it intersects with one of the three horizontal purple lines (i.e. depending on whether it takes a few days or ten). If you look at the other horizontal lines I've drawn, the lower blue trend line has usually been support where a horizontal line of resistance/support crossed it.
Looking at the weekly gold chart, I think we're going to move sideways for awhile, with vicious bear raids being counterbalanced by strong buying, e.g. among Asians. I see a retest of the middle black line in the next few weeks.
On the old chart below, I predicted gold would test the top purple line, and it did. It didn't hold, but the price did encouragingly make its way back up around it. However, I think we're going to need a real impetus, some unequivocal gold friendly event (something greater than a devaluation of the Swiss franc, I suppose) before that happens. My guess is it won't happen in September.