Precious Metals

Here's last night's final word on the PMs

Here are today's charts...

GLD

 Yesterday was a strong breakout move, today is very weak follow through

 Here's GLD's 1 min chart, with distribution on the gap, a little accumulation late morning and what looks to be the first signs of a negative divergence starting.

 This is the GLD 5 min chart and the contradiction I mentioned yesterday, just like today's price action failed to show strong follow through buying, the 5 min chart is also not confirming late yesterday or today.

 Nor is the more important 10-min chart which is why I'm suspicious of this move.

SLV

 SLV started with a weak breakout, yesterday was strong, today again, no follow through strength and volume looks like it will surpass yesterday's

 The 1 min chart is essentially the same as GLD's

 and there's the 5 min chart contradiction I mentioned yesterday

and the 10 min.

Fundamentally I think buying in the PMs makes sense right now, it's just curious that we are not seeing strong follow through action or confirmation.