There were subtle signs of topping on Thursday as Gold and Silver both formed Doji’s (cross-like formations). This candlestick pattern sometimes appears near cycle inflection points.

GDX rallied to the 200-day MA and subsequent BreakPoint. However, prices failed to close above these critical levels. The March rally has reached the maximum retracement level for a corrective rebound.

GDXJ exhibited notable signs of weakness on Thursday. It may be the canary in the coal mine for precious metals. Breaking below its trendline (see chart) could lead to a strong decline.

The Syrian missile strikes likely extended the rallies in precious metals and oil. Nevertheless, the prospects for a decline into May remain. Significant weakness early next week will support interim highs in precious metals and miners.

US Dollar

The Dollar retraced 50% of the move to 101.26. To remain bullish, the dollar needs to breakout above the trendline. Dropping below the critical support line would imply a significant breakdown.

Gold 

Prices formed a small Doji on the 24th day of this extended cycle. A Doji sometimes forms at cycle tops/bottoms. Weakness on Monday would support a cycle top. Note: The MFI did break higher, but it remains below the February peak (divergent high).

Silver 

Silver prices also formed a perfect Doji. Closing below $18.42 will make a swing high, provided prices don’t exceed Thursday’s $18.60 high.

Silver H&S Pattern

On the bullish side, I see a possible inverse Head-And-Shoulder pattern. If silver prices zoom through resistance between $18.70 and $19.00 the pattern will activate. The estimated target would be $22.50.

GDX 

Prices closed below the BreakPoint and the 200-day MA. Closing below $24.38 will mark a swing high and probable top.

DUST 

The volume in DUST was exceptional (possible bottom). Closing above $25.14 will make a swing low. The extended downswing eliminated the original May target. If prices bottom soon, a move to $36.00+ still seems reasonable.