Gold Silver heading into summer doldrums....

World Gold Index with a fibonacci drawn from the low in late January 11 to the high that was produced on May 2nd. 

Gold is heading in the summer months which it typically trades within a range, see historical seasonal charts for monthly average returns.  The 1577 high may be

It is currently trading below the 15 day moving average, stochastics are trading near the oversold, RSI is trending down, MACD Histogram is trading near the bottom of the range -  Bearish.
You can see the fibonacci retracement levels on the chart with the current support at the 61.8 level.
Short term - bearish
Medium term - Netural
Long term - Bullish

World Silver Index with a fibonacce drawn from the low in late January to the high produced in late April.
Silver seems to be producing a base in the low 30's, but is trading below all 3 moving averages, 15, 50 and 100.
RSI, Stochastics and MACD histogram are all in the oversold area.  One can never tell what the precious metals markets are going to do these days especially when the Comex can increase the margin requirements on a whim.  The US Government can also spur a demand for the US Dollar Index as well which tends to put a stop to most commodities.
Short term - Bearish
Medium term - Bearish
Long term - Bullish

The 32 ounce Gold Futures Contract will start trading in the Hong Kong market starting Wednesday. We will find out how much demand they have for Gold at that time and going forward.