As I explained in my Monday morning piece about Royal Gold(RGLD) it has been telling us which way gold would go next. By not going higher and actually drifting lower all week, it told us not to expect a rally. The backtest last Friday didn’t completely fill the gap from Thurs. morning’s open. It has now done so today. While that needed to be done before it could go meaningfully higher, it hasn’t yet signaled that the correction is over. Today would mark the fifth straight down day for RGLD if it doesn’t rally from here. For now just wait and watch. Until the canary takes flight towards and thru it’s recent high, one needs to remain cautious on the metals.  Notice on this montly chart a stedy decline in volume during this pullback. Doesn’t tell us when the pullback will end but it is a positive.