The most widely held gold etf – GLD has made a double top and then closed at the lows of the session. It’s rather doubtful this will be the ultimate high in the yellow metal but the relative strength indicator has been showing deterioration on the last two rallies. This is often a sign that the trend is running out of steam.

Silver represented here by the Silver ETF – SIVR has been stronger than gold but also met a similar fate today. The Short Silver ETF (ZSL) which has been absolutely pummeled since the 3rd week of August closed up 9.1% as all the Silver ETFs made massive “Outside Day” reversals after making new highs. It should lead to at least a moderate correction and possibly a test of the 50 day moving average.

Silver ETF - SIVR