Thursday’s gaps in gold and silver are clear sell signals for traders.  Although the trend stops have not been hit the island tops and gaps are sufficiently strong to scale out, if not liquidate positions.  Note that this is a trading technique, not a trend following technique.  Relaxed long term investors will wait out the downwave and increase their positions after the pull back and that is really the smart thing to do.  For our personal accounts we are in a trading mode at the moment.  The pattern is the same in both metals.