A brief daily chart update for the precious metals. Let’s be aware that today is FOMC Minutes day, so markets may get some whipsaw.
GLD is still fine at or above the 50 day averages.
SLV is much more suspect as it starts to lose a trend line. The uptrend would be intact even if SLV drops to around 16. This is for consideration by people who a) look forward to a pullback within an uptrend and b) those who do not wish to ride such a pullback.
GDX is in an uptrend after (barely) making another higher high. We are where we have been, looking to the channel bottom/50 day averages as trend support. A hold of the trend keeps us on target for higher levels (e.g. HUI 305 per weekly view). A loss of trend could signal a correction that is more than just the usual pullback.