Sunday pre-game, 1/19

 I'd very much like to believe that the positive price action the past few weeks augurs a cyclical shift and return to the good 'ol days of 2010-2011 (back when a financial apocalypse, and the immense human suffering that would certainly ensue, appeared to be right around the corner).

And certainly, the strong-ish bounce off the blue trend line below was a good (and in fact, necessary) development if things are to turn around for the gold and silver bulls. But if we look at the charts -- and as per my New Year's resolution, ignore all fundamentals-related news (or pseudo-fundamentals -related hype) about China's insatiable purchases or JPM lawsuits -- I cannot justify being long here, especially aggressively. The 30-week MA (or its rough equivalent, the 144-day MA) is still at $1300. And note that the red dotted line below hasn't even been cleared on a weekly close. No market goes straight down, so this seems to me just another brief rally before the continuing grind down.

And then there's the Canadian dollar chart from last week... It's broken the blue trend line on a weekly close! Not a good sign. 

 The all-important "yields-in-silver" chart could be rolling over, or could simply be returning to its trend line on its way to the green dotted wedge, which has marked the bottom in gold without fail.