GLD/SLV/USO UPDATE

Both GLD and SLV peaked above their important trendlines, for GLD it was resistance that it had been bouncing off of after a reversal signal and SLV the stronger of the two made a brief pop above it's upper band of resistance, (GLD being the weaker had already broken support and it popped above it's lower band of resistance.

USO is still in pullback mode, but still at the target zone identified last week.

GLD

 On the daily chart, the opening gap just peaked above resistance. Last week we had a reversal signal as GLD peaked to new intraday highs, it then spent some time between support and resistance and broke below support. That support becomes resistance and that's where it gapped above briefly this morning.

 Here's a closer look, there was an attempt to create some support around $138.80, that failed on increased volume.

SLV

 SLV which has been stronger since last week was still bouncing between support and resistance and peaked above resistance this a.m. and failed on increased volume.


UUP

UUP touched our first and most likely target zone for the pullback, since it's bounced off that area a bit. If I'm a longer term trader, I'm not taking any action in USO and just holding the long position.