PMs Update

Here's yesterday's analysis on GLD/SLv, if you didn't read it, you should before going further.

In a nutshell, SLV has been stronger then GLD for weeks now, there's not much evidence for anything much more then a simple pullback/correction in SLV at the present, the same can't be said of GLD, it does look as if it has bigger problems.

Here's today's action in both:

 Today's price action thus far in GLD is technically irrelevant, it hasn't taken out any meaningful levels.

 GLD's 1 min 3C is in confirmation with this morning's move up, but not leading.

 The 5 min chart is not confirming this morning's move up.

 The 10 min chart remains negative in GLD


SLV

 SLV had a slightly better looking daily, almost taking out yesterday's opening. Right now there's the start of what looks to be a leading negative 1 min divergence suggesting some downside.

 The 5 min chart however is in confirmation of the move

And the 10 min chart is in confirmation of the move. We'll have to see if the 1 min chart will continue to develop and pull SLV deeper into the correction. As for GLD, I think it's a meaningless move thus far.