GLD and SLV

I don't like the look of these charts.  Here is the GLD daily chart.

I have added another red resistance line above the last one.  This one does a better job of capturing the most lows of the Feb. and Apr. price action.  GLD appears to be making a double top below that line.  It has not been able to close above it all month.  We had 3 closes in a narrow range and then it turned down today.  This looks like it is going to roll over here into a pullback.  With all moving averages in a bearish configuration it could head back toward the lows.  It has not done enough on the upside to be able to say with any confidence that the down move is over.  Be careful.

Here is a look at the SLV chart.

This chart is even worse.  SLV has not even attempted to cross its 50 SMA.  This one could end up retesting the low very easily.

Both of these ETFs could be affected by the FED announcement today.  If the FED does nothing they could both turn down.  If there is a surprise QE program they could run up some more.  I think that is a very unlikely scenario.  The rally in the stock market has pretty much made any move to expand the FED balance sheet very low odds.  If you are in either of these I would pay very close attention.

Bob