Well, there has been some further progress in the bearish case for gold and silver last Friday and this Monday.
I have already noted the head and shoulders formations in gold and silver:
The silver chart has not moved much on Monday but is basically a tiny fraction (about 20 cents) above the neckline of the head and shoulders. The potential target for a downmove is a $15.59 silver price. The only redeeming feature is that the neckline is prior support but then these necklines are always prior support!. We need a bounce at this support just below $21.00, otherwise it is look out below!:
The gold chart also has a nasty head and shoulders. Two possible necklines. The first (small dots) has already broken down. The second (heavier dashes) has breached to the downside and back-tested as I write on the Monday rise and capping of the price at around $1290. The target is $1117:
This would give the gold:silver ratio increasing to a target of 71.6 and the expected underperformance of silver relative to gold on a price smash.
Note the multiple failues in gold to hold onto any kind of uptrend slope, with support becoming resistance on many occasions. Also, gold is threatening to breach 1272 horizontal support from over 2 months ago: