Yesterday gold and silver prices surged up as the Fed's dovish rhetoric kicked down the U.S. dollar. Today the precious metals may be topping at the end of a reversal zone and prices could now take a corrective dip. We have been expecting this and hoping for a new low in one of these metals (probably silver) but not the other for a case of bullish divergence and the signal of a final cycle bottom in both metals. Ideally, we want to see silver dip below $14.90 with gold remaining above $1280, but gold breaking $1280 and silver staying above $14.90 would also be an acceptable bullish buy signal. (It is also still possible that both gold and silver already started new medium-term cycles with their March 7 lows. In that case, any corrective dip now will be small). It's a little tempting to sell our gold long position here, but I think I will ride out any correction with the idea that both metals are starting or close to starting new medium-term cycles with a bullish rally just ahead. Holding my long position in gold and on the sidelines of silver for now.