No critical damage in gold yet. Tomorrow is huge (and next week too).
On the daily chart, I've been saying this month that I expect the purple dotted line to be tested, and it was. So far it has held.
Weekly, the same thing: I mentioned Sunday that we've touched the top black trend line 3 times in 3 years. Is this time really different? We won't know unless the center line is tested and holds. Well, it's being tested and we're going to find out in the next few days if it holds.
This silver chart, on the other hand, looks godawful. Atrocious. It was just really important for the lower blue trend line to hold, and when it didn't, the threat of something like today was in the cards. A historically bad day in silver.
Silver seems to have fallen out of a bearish rising wedge (see below). But, if the 200 day moving average can hold, we're OK. So, once again, tomorrow is key (and next week).
The long term weekly chart also shows that we are right at a critical point. The 34-wk MA was broken, which is a bad sign, but if the trend channel can contain the price, we're ok. Otherwise, silver can easily plummet another $5 to the grey dotted line.
So grab your popcorn!