GLD/SLV Update

Yesterday I thought we'd see a bounce in GLD and SLV (a little stronger in GLD).

Here's the updated charts for today.

 This was the extent of the divergence yesterday on a 5 min chart. Today the 5 min chart has added to that positive divergence in the white box, it is a leading positive divergence.

 Even the 15 min chart was positive this morning, this implies a bigger bounce.

 We can see on the 1 min chart that the current bounce i running out of steam, but I suspect we will see a second bounce that carries higher then this one, forming something similar to a bear flag.

 The two min chart also shows this current bounce rounding over, but again, I think we'll see another attempt at a higher high.

 This was SLV yesterday on a 5 min hart, it added more positive 3C momentum today in the white box.

 And has made it to the 15 min chart today in a leading divergence.

While the short term looks the same as GLD, like this bounce is ending, I do expect the same for SLV as GLD, a second move making a higher high. I'll keep monitoring the situation, but I'd expect a bear flag to develop as a second higher high is likely made.