Gold pulled back today and is currently trading just above the 38 Fibonacci line, not a big deal if you ask me. The triangle formation is still constructing itself and technically the short term situation is somewhat unclear. This week gold traded in a relatively narrow range of about 10$ and it seems like the 550$ level perceived as acceptable between the buyers and sellers. I assume that the tight trading range caused the speculative players to temporarily leave the market and a bit of more consolidation will be healthy. If you are looking for other speculative ideas check out John Rubino latest commentary.
Silver continue to trade very similar to gold both in terms of direction and tight trading range. The last couple of weeks the general commodities market corrected nicely and current levels should be seen as buying opportunity , see the CRB chart here.
Click on the chart below to enlarge: