Silver and gold bounced nicely but not enough to make these charts look bullish

Silver and gold remain in weak positions, as I see them, so here's a quick look. My weekly chart of silver (at right, with SLV (silver ETF)) shows that its June high was at a Fibonacci .618 retrace to its July 2008 high, implying that the rise into last month was merely corrective. It's bounced since, but has not retained the 50% Fibonacci retracement level. The gold charts I'll try to analyze more this weekend, since I prefer to use my $GOLD (continuous contract) charts rather than simply GLD - but below, I had to use daily charts of both (since the former didn't update yet for today at Stockcharts.com). Gold's recent strength got it almost to a .618 retrace back to its early June high - again, a resistance level. The indicators are still strong on the daily charts, though, so this is still just a reminder to remain alert for its movements. As I've mentioned before, if it can move above $960, then it retains the possibility of targeting $990 and then back to the more bullish scenarios. Unless and until that happens, though, I'm still tilting to the more bearish side ... will see.

(click any image to see it larger/more clearly)