GLD/SLV Update

Both PM's were unable to hold onto earlier gains today and remain range bound after breaking their short term uptrends.

 GLD remains in the area of its large triangle's apex, it also closed with a bearish engulfing pattern today on increased volume.

 The break of the Trend Channel on a close is still where I want to see GLD before committing to any short of any size, the TC has done an excellent job in holding swing moves and then some.

 Early gain disappear again on short term negative divergences which are getting worse.

 Here's the same on a 2 min chart ( 1 min above).

 The 5 min chart had some modest accumulation at the white arrow, but saw a negative divergence again.

 Here you can see the cycle on a 30 min chart, accumulation at the white arrow, trend confirmation at the green arrow and distribution at the red arrow.

 Here's a larger view of the 60 min chart, again showing a negative divergence as bad or worse then the  October divergence sending GLD down to the December lows.

 SLV

 SLV also put in a bearish engulfing candle on the close while it remains rangebound.

 Again, a break below the Trend Channel is where I would want to consider any short trades.

 The 2 min chart's leading negative divergence shows why SLV can't hold any gains.

 Now the 5 min chart looks really bad

 As does the 15 min and 30 min below.

And here's the 60 min negative. This is a lot of timeframes all negative, I would say a decent move down/correction in SLV is on the way.