GLD,60min
SLV,60min
Summary
The morning open was particularly interesting. There was a very noticeable discrepancy between Gold and Silver, which usually trade very closely.
Gold was flat..whilst Silver was getting the hammer. With Gold looking like it was set to confirm a bullish wedge/pennant, I went long Silver..and that worked out rather well.
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Near term trend for Gold looks stronger than Silver. Indeed, the Silver chart looks a real mess right now, filled with reversal/spike-floor candles, and so far unable to break above key resistance around 28.40.
My best guess is that Gold has a comfortable $20/25 of upside in the next few days, and that should at least drag Silver back to the mid 28s..possibly even the low 29s.
Whether Gold/Silver can break above the absolutely key declining resistance (see daily charts), that IS the ultimate unknown right now.
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*I exited a secondary SLV block that I picked up at the open, and am now just holding the first block overnight into Thursday, seeking 28.25/50 exit point.
