Here is an update to my previous post about Silver. The situation with Gold is the similar. I love Gold and Silver, but traders and investors need to think with a clear mind no matter how biased they are to a certain instrument. So as much as I don't like to say it, here is what I see from the charts.
Keep in mind that these are from the Monthly charts. So they are long-term signals. Gold/Silver may have bullish moves as this all plays out, but in the long-term Gold/Silver will be going down.
Silver has broke the major trend line downwards and has failed to get back above. A retesting of the line is still possible, but I expect Silver to drop after this. Silver will be going down to $10 and will probably even go to $9.
Gold has also broke a major trend line downwards. It has retested this line too. Gold is currently sitting near the line which has now become resistance. So Gold will start dropping any time now. Gold will be going down to around $900-$1000.