For Gold the 660-662 area was a bottleneck on the way down, so should be one still, but the real resistance awaits at 667. Silver closed today barely above its 50 DMA (1340.9 vs. 1340.04 for 50 DMA). The GOLD/SILVER RATIO sank again sharply today, also a helpful move.
It is still too early to call it certain because yet another drop is possible, but I believe metals have finished their correction and turned back up. I would buy here.
Alone among the stock indices the Dow Jones Industrial Average dropped today. A small drop, to be sure, but on volume that has been declining slowly since 21 May. The first owl hoot of winter? The first crow caw of fall? Who knows? It looks like a broadening top to me, but experience hath shown that such formations may take a long, frustrating time unfolding. My idea? Swap stocks for silver & gold -- you'll be glad you did.
By the way, stocks are outrageously overbought, according to the RSI & MACD. Look at this: the Dow in Gold Dollars fell back today to G$426.90 (20.65 oz), support, from its charge yesterday on the G$436 high. If it were going to fail at that old high, this would be perfect behaviour. (Yesterday's DiG$ was G$431.51.) If the DiG$ fails here, it would signal that gold is about to enter a time of outperforming stocks.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
"Buy Silver and Gold Coins at the Best Prices"
To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold's primary trend is up, targeting at least $1,250.00; silver's primary is up targeting 16:1 gold/silver ratio or $78.13; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold; US$ or US$-denominated assets, primary trend down; real estate in a bubble, primary trend way down.