PM Update

Yesterday I covered GLD and SLV and concluded both were in simple bounces under resistance for now anyway. GLD is showing some weakness in the bounce, SLV while not moving much is not showing the same negative divergence yet.

 GLD showing  a 5 min negative divergence yesterday afternoon-prices have fallen since.

SLV, although it's gapped into a range, is still confirming, there's no divergences here right now.

While USO is not a precious metal, I thought I'd throw it in.

USO saw an accumulative period between 1/5/2011-1/07/2011. Since then price has advanced nearly 4%, however it looks like the distribution has started there so I'm not sure we'll see too much more upside on this accumulative leg up as USO approaches resistance from 1/3/2011.