The AMEX's HUI (gold bug index) is suggesting that gold is near its low for this pull back.
First, here's the big picture:
About 2 years ago, people were buying gold/silver shares as the HUI approached 500-525. Then the HUI took a big plunge down to around 150. What percent of people involved in this huge plunge were not vowing to get the heck out when the HUI made it back to break even? Not many. Most/many want out after regaining a break even position. It took almost 2 years for them to recover. That's a lot of emotional pain for a long time. No wonder the HUI is correcting/reacting after making it back to its old highs, and then backing off.
Now for a 12 month chart:
The September and October highs around 450 offer some support for the HUI now.
The HUI's channel:
The Dollar Bubble - if you are new to the scene and want to get up to speed on the big picture real quick like (about 30 minutes):
"Clowns to the left of me. Jokers to the right...."
"Trying to make some sense of it all. But I can see that it makes no sense at all."
"Got the feeling that something ain't right."
- Steelers Wheels
What ever you do, don't chicken out here at this level because many of the developed economies are still crashing, are still being ruined despite what the controlled financial Muppets on TV and the controlled heads of state say in the press. Both those groups are from moron land, gangster bankster land and gangster government land. A number of years from now, people will be in awe at the level of the HUI. The gold and silver bulls have years to go. Heck, they will be in awe of the gold and silver prices, too.