On a day when gold prices were losing around $85 an ounce on the day and silver down over $2, many precious metals market bulls may be squeamish, wondering, “Are market tops in place?” Of course nobody knows the answer to that question and there are all kinds of opinions and speculation about that topic—especially today.

The prudent trader and investor should look at some price perspectives from action seen over the last few months, to get a bigger- picture view of where prices have been and where they may be going. Take a look at the weekly continuation charts for nearby Comex gold and silver futures markets. See how they remain in strong longer-term price uptrends, and from a weekly chart perspective today’s losses don’t appear extreme. That’s because gold and silver prices have seen major appreciation over the past few months and from a longer-term technical perspective today’s declines are hardly a minor speed bump.

Still, trading the rest of this week will be extra critical for both gold and silver markets. How the markets close on Friday will be very telling. If gold and silver futures prices close on Friday at or near their weekly lows, then such would be a significant early clue these markets have put in at least near-term tops. If the markets can recover over the next few days and finish the week well off of their weekly lows, bulls could be back in business soon.