Bull flag, or another fail?

After some initial weakness, Gold and Silver saw moderate gains into the late afternoon, closing +0.93% and 0.16% respectively. Near term trend is still somewhat to the upside, but Gold and Silver are still clearly stuck just below old broken support, now resistance


GLD, daily

SLV, daily

Summary

This is indeed a tricky situation for those traders meddling in the metals market right now.

The broader trend is clearly to the downside, whilst near term, we've seen a rather significant bounce from the lows.

The daily charts are offering small bulls flags, now 4 days in duration, right below the old broken support from mid-June.

Considering the past 6-9 months, we're more likely to see a fail, than seeing the bull flag confirmed.

The one particularly bullish aspect is that the weekly charts are slightly suggestive of further upside, although this is more especially the case for Gold, than Silver.