Gold (GLD) and Silver (SLV) Dead Cat Bounce into Resistance Levels - iShares Silver Trust (ARCA:SLV), SPDR Gold Trust (ARCA:GLD)

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As expected (I thought it might happen next week, but its come sooner than I thought) both Gold (GLD)

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ETF and Silver (SLV) ETF have worked off a steep decline, and now are in process of their cursory bounce into resistance levels. [these are the ETFs and not the metal themselves, but they do a good job of tracking the actual metal prices] As with the dollar, which rallied into resistance than fell back, it will be interesting to see which way the computers take these precious metals.

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If this is part of a larger move down, both ETFs will face a stone wall and resume their near term move downward. If the "strong dollar" move is over, and we simply experienced a very quick "this trade got far too crowded, hence a shake out was in order" moment, the metals should burst through resistance and we'll be back to the intermediate/longer term trends. We should know in the coming week.

To have a margin of safety, we'd probably want to see the GLD ETF over $112 and SLV ETF over $17.50 to assume the bullish conditions are back.

Long Ultra Silver, Powershares DB Long Double Gold in fund; no personal position