GLD/SLV Update

In yesterday's update, I characterized the move up in GLD/SLV as a knee jerk reaction to a bullish piece published by John Taylor, famed economist.

 GLD's move up yesterday, with a consolidation pattern formed. GLD is having trouble breaking out above the consolidation pattern.

 GLD 1 min 3C, this morning there's been some negative divergences as there were 3 attempts to break out.

 The hourly chart is the big story here, it seems that Wall Street has set the chess board for a GLD pullback, and while Taylor's article caused a knee jerk reaction, so far it doesn't appear to be any more then just that.

 SLV's move higher yesterday

 SLV also formed a consolidation pattern, which it did break out of, but 3C is negative on the breakout, casting it in to doubt.

 Again, the hourly chart seems to be the bigger story and the most important theme.

Here's the Swing Trend classification, red arrows are the downtrend, yellow arrow is noise.

I think the hourly chart is the direction of least resistance.