NEW YORK (TheStreet) -- With markets showing they need some time, I took last weekend off to go away and get in some skiing. My apologies to the many who've emailed wondering about my thoughts this past week on gold (GLD) and silver (SLV).
Markets remain choppy here, with leading stocks needing time to set up better bases and charts, so cash remains a good position while we wait for the easy money to return.
Gold tried to breakout but failed and could be looking for some more downside now.
I've said all year and beyond that the slower gold moves up, the better.
We are building lots of support levels as we slowly move off lows, so I still think we have years to go before we see the blow-off acceleration that so many are craving.
While we wait for gold to have its blow-off top, there are going to be many other areas to find such action -- the most recent being fuel cells. That was a very profitable and fun trade for us.
Let's take a look at the precious metals charts and see where we can expect to find support.
Gold fell 3.47% this past week after failing its breakout.
We saw a classic reversal after the breakout, and now gold is looking for more downside.
The bad news is that the weekly chart also shows the same bearish reversal bars that could easily see us retrace back to the $1,200 area. But let's focus on the daily chart.