Precious Metals Update

I have open puts in GLD and SLV, GLD looks bad, SLV looks really bad, there also looks like a potential entry/ add to setting up this morning.

 GLD 1 min leading neg.

GLD 2 min leading neg.

GLD 5 min leading neg.

GLD 10 min leading neg.

I'd like to see the 10-15 min charts look even worse and we may have a set up for that at the bottom of the page.

SLV 1 min leading neg. looks much worse

SLV 2 min.

SLV 3 min

SLV 5 min

SLV 10 min.

As you can see there's good confirmation between the two PMs and good migration through the timeframes, for the 10-15 min charts to get uglier, we'd need a bounce intraday, the gold and silver futures have a chart like this (Gold futures)

This suggests the probability of an intraday bounce, Silver futures are the same and then both are negative at 5 mins so this could give the needed upside to sell in to that turns the 10 and 15 min charts to deeper negative divergence which is what I'd like to see before adding to those positions, otherwise I'll be keeping them in place fore now.