Both gold and silver took corrective dips last week, but gold seems to be snapping back much quicker than silver which suggests that silver may still dive deeper to complete the bottom of an older cycle while gold may have started a new cycle on March 7 at $1281. If silver does make a new low (below $14.90) with gold staying above $1280 then we will have a strong intermarket bullish divergence signal and a good spot to buy silver (we are already long in gold). It is also possible that silver started a new medium-term cycle on March 7 (at $14.90). In that case, both metals will be bullish now, and we will have to wait for a sub-cycle dip to buy silver. Holding my long position in gold and still on the sidelines of silver.
Crude oil is most likely taking a significant sub-cycle correction from last week's high at $60.19 (May contract chart). The bottom of that correction is due between now and the second week of April (which happens to be in our next reversal zone specifically for crude - April 9 -17, same as for the broad stock market). A good target for this correction is now around $55 - $56. We will watch for that as a good spot to buy. Although it would be nice to see that low in the April reversal zone, it could happen anytime over the next three weeks so we will use the target price as our buy signal. On the sidelines of crude and still looking to buy soon.