GLD/SLV/USO UPDATE

Yesterday I thought GLD would reverse down today, it has, but marginally. I also said SLV seemed to be about a day behind (meaning it was still stronger then GLD) and SLV is up today so far, so thus far the analysis has been on track.

Lets take a look at the charts for the PMs

 GLD down marginally so far

 The 15 min chart has deteriorated more today suggesting that GLD does have at least a swing move of several days to a week moving down. There are some short term positive and negative divergences that may keep GLD a little laterally volatile intraday today, but I still believe that it's heading lower.


 SLV which looked stronger is up marginally today which isn't surprising.

 The 10 min chart doesn't look nearly as bad as GLDs, but it is showing some weakness

The 15 minute chart hasn't developed a strong negative divergence yet, so I'm not ready to say that it'll reverse tomorrow until this chart starts to fall apart some more.

USO

 Before the events in Israel today, I was expecting a normal correction in USO, (if I was long, I probably wouldn't even sell it and just ride out the correction, maybe add a little on the weakness). However events moved oil up. 3C 1 min above looks as if it is going negative now. There appears to have been some short covering as well so I'm not sure what this means for our correction, it could be less severe, it could not come at all if events continue to escalate. All in all, since the correction wasn't very threatening to a long position in USO,  personally wouldn't take any action other then to hold the position.

 The 5 min chart is showing some weakness, partly from yesterday, and I assume partly because today's reaction was short covering and not accumulation.

The big picture on the 30 min chart still shows USO in a positive leading divergence, so it seems it's still on track to take out the March highs.