Going down

On Wednesday June gold poked above its 50-day MA -- which has now flattened out and is running along the Fibonacci 23.6% retracement line -- but failed to stay above it for very long. The yellow metal plunged nearly 3% on Friday to start the next leg of a decline that could take it back below $800 in a matter of weeks.

GOLD (daily)

Upside: MACD has made a bullish crossover.

Resistance: 50-day MA, currently a little above $943, coinciding with the Fibonacci 23.6% retracement level.

Downside: Gold repelled by nearly flat 50-day MA and Fib 23.6% level. RSI back below 50. MACD-Histogram falling toward zero.

Support: February and April closing lows and Fibonacci 38.2% retracement level at $888; Fib 50% level at about $843.

Bottom line: Gold appears to be resuming its decline.

GOLD (weekly)

Gold was repelled by the top rail of the channel and is headed back down toward its 50-week MA and the bottom rail.

SILVER (daily)

Upside: The purple line has provided support for the past two weeks. MACD has made a bullish crossover (just barely).

Resistance: Thin channel line; 50-day MA, currently at $18.43.

Downside: 50-day MA has offered resistance for the past two weeks. RSI back below 50. MACD-Histogram showing a distinct lack of vitality.

Support: Purple line; April low at $16.30; 200-day MA, a little above $15.

Bottom line: Silver appears to be resuming its decline.

SILVER (weekly)

The lower thin channel line has been providing support for several weeks, but MACD has a long way to fall.

GDX (daily)

Upside: Tentative thin channel line has provided support recently and could do so again.

Resistance: 50-day MA, currently at $50.45; thick blue channel rail.

Downside: The gold-mining ETF was repelled by the bottom rail of the channel from August and is now back below its flattish 50-day MA. RSI has turned back down below 50.

Support: Thin blue line, currently at about $48.50; 200-day MA, currently at $45.70; April low at $45.53.

Bottom line: April's rally has been marked by low and declining volume. GDX may be completing a month-long flag and resuming its decline, which could take it down to the $40-$41 range.

GDX (weekly)

Some support appears to lie around $45, but the bottom rail of the blue channel is currently at a little above $40.

U.S. DOLLAR INDEX (daily)

Upside: The index seems to have found support near 71.3. RSI and MACD rising.

Resistance: Bottom rail of channel at around 72.5; 50-day MA, currently at 73.34.

Downside: The index has failed to close inside the channel for more than five weeks.

Support: Recent all-time low at 70.7.

Bottom line: The dollar may be forming a base from which to mount another attempt to penetrate the channel.

U.S. DOLLAR INDEX (weekly)

RSI appears to be slowly forming a base just above 30, and MACD-Histogram is rising gradually.