Here's the weekly chart we've been looking at, and it did not disappoint. Gold finished above the the "thin blue line," and as expected hit the top of the channel. I think we go below it soon, but I don't see a test of the lower channel in the works. I have a gut feeling there's an overshoot of the upper trend channel in the works, by the end of the year.
What about silver? Last week I drew a trend line (blue) that I very speculatively thought might be an important level to crack before I'd feel confident silver isn't going to test $35-36 again. Interestingly, since then, silver has touched that trend line two more times and failed to break it (see black arrows). I will keep my eye on this. I think it's important because, as you can see, this trendline starts at the low point in silver last August (right where it began its explosive move), connects to the January low point, actually holds (pretty much) through the May atrocity, and finally is emphatically broken in mid-June.
Finally, here's a chart of the CCI commodities index that I posted back in June. I had said, if we touch the orange 233-day MA (which at that time was approaching the horizontal red/green support line), I'd feel confident about an aggressive play. Well, it didn't get that low back then, but it sure looks like it's headed there now, as the CCI has fallen and the MA has risen since June.