Silver and Gold

I just looked at silver and I couldn't even bring myself to grab a few screen captures, the reason? I just don't see a high probability trade there one way or the other. The closest thing I see is maybe a triangle setting up.

GLD, I'm not seeing anything either in terms of short term trades there. I still am sticking with my thoughts from a week or so ago, I think gold is going to pullback substantially and then perhaps offer a very good entry for a move higher. For now, the only thing I'm willing to do with gold is keep a small short on GLD.

As for silver, I don't even want to touch it. Just because it's out there to trade doesn't mean you have to. None of us are running a PM fund and that' our advantage, we don't have to be in that market when there isn't a high probability low risk trade. As I often say, THAT is your edge over Wall Street, it takes some patience to use it, but I suggest you do.

Just so there's a chart with the post, once again, the longer term outlook for gold/GLD.

 A 60 min negative divergence at a false breakout (in the white box), now the divergence is leading negative-the worst kind.

Here's where I get interested in buying gold, around the $140 level on a pullback to the daily 150 sma