Gold (April) is holding around $1328, and silver is staging near $15.80. There is no clear direction at the moment.

Gold would have to retake $1330 decisively intraday to support a rally attempt. Declining below $1320 could trigger another wave of selling.

Support for silver remains around $15.70, below that and prices could tumble. To support more near-term upside prices need to rally back above $16.00.

GDX DAILY CHART The line in the sand for me is clear. Closing below Tuesday’s gap ($22.43) would strongly recommend a top, and I’d add to my shorts.

Interestingly, I learned this morning that Barrick Gold might be considering a hostile $19 billion bid for Newmont Mining. That is insane – they just merged with Rangold.