AGQ Update, Silver & Gold

A quick update today regarding our AGQ call, and timing a possible gold & silver bounce.

We were stopped out of AGQ the following day with a nice quick profit, and we remain holders of call options.

Earlier this week, we wrote that "gold and silver continue to struggle, which suggests that another leg down before a bounce is just as likely as a rally at this point.  If there is a rally from near current levels, it might take another week to build a better base for the rally to launch from."

That remains our thinking, and currently the post-plunge chart looks like this to us, with the blue being apparent resistance and it looking bullish above the green while bearish below the red:

 
The charts for gold and silver look similar, with similar features.  When the metals break one way or another, the action will be most suitable for those with very high risk tolerances that can hold their noses and keep a close eye on their screens.

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