Gold descending triangle chart. Gold needs to break above 1680 on 'good' news from the Fed (not necessarily explicit QE3), otherwise it will turn down to the support levels shown, hopefully staying in the 1600s at least. A strong uptrend seems to be in place, though, considering all factors. I would like to see a breakout above the downtrend line.
Gold 4-year chart. Gold needs to hold above its previous low at 1523 in order to stay within the channel. Below there it would probably find support near 1450. A deflationary panic (very unlikely) would probably go to 1275.
Silver will follow gold (with more volatility either way) for now. Resistance in the 33.50-34 area, biggest resistance at 37. Support areas should be 31.80, 30.80, 30, 28.50. 24-26 would be a really good long-term buy. 18-20 would be an insane panic selloff and I'd sell everything I own to buy silver.
I want to look at the natural gas chart.
While it made a high volume reversal, it was most likely short-covering and bargain hunting from oversold levels. It was accompanied by 'fundamental' news, but that was just an excuse for human emotion, as it usually is. The gap in the chart was filled. It might not go any higher. It got up to 2.70. What I would love to see is 2.94, a strong resistance level that perfectly matches the downtrend channel from which it broke. I would then short it (KOLD). I am not going long natural gas (BOIL). I want a bounce to short it. I still see less than US$2 happening eventually.
Disclosure: Long physical gold/silver.
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