And if gold has any chance of doing something more, then silver will have to break out and test higher levels above $7.95.
All of this however, I suspect, would simply be topping action. The behaviour of the miners would have to corroborate this expectation, but we'll see.
I refer back to Ron Rosen's charts posted on the weekend. Gold bottom due anytime (like now), and a top to come next month.
HUI top to come later in Nov. The HUI already bottomed anticipating the gold bottom at hand.
Silver is due for a bottom as well and a top in Dec.
You'd want to be unloading positions into any decent rally IMO and wait until next year for longer term positions.
cheers,
john
Edited by SilentOne, 08 November 2005 - 07:44 AM.