Gold & Silver

I give Gold and Silver a 75% probability of a bounce from these levels, likely at least to fill today's gaps, however I will not be opening a position in either even though the entry looks fine, I'm just not sold on the charts and that may express itself in the risk vs reward equation. To me GDX/NUGT long looks like a better position.

 These charts and the set ups which I covered a bit yesterday, are well worth going over again with the bearish descending triangle, the break down as TA traders expect, a head fake move that acted as a perfect timing flag, there are a lot of our concepts on these charts this week.

This is the 3 min, I think it heads for the orange gap and fills it and find that to be a high probability, however, beyond that, even using leverage with options, I don't see strong enough charts to indicate a high probability of profit potential, it may develop before the EOD, but it's not there now for either asset, although Silver looks a little better.

 5 min GLD, not looking good at all and it's hard to justify any position that isn't strong on at least a 5 min chart. The trade concepts are on the charts.

SLV 3 min has the same head fake concept as GLD, the chart is about the same.

I just find the 5 min chart to look better in silver, but not good enough for me.