Both GLD and SLV look as if they will trade enough volume in today's trade to qualify for pocket pivots. GLD needs to trade 17,367,400 shares and SLV needs 31,596,900 shares to qualify.
As we have said on various shows, with all the quantitative easing going on in the US, UK, and Europe, precious metals should find their footing then move higher.The question is how long the current basing period will last before they continue their long term uptrends. Some members may elect to wait for further constructive price/volume action before buying. Others may elect to pyramid into GLD or SLV slowly, letting each ETF prove itself on a price basis before adding more to their position. Also keep in mind that GLD is still trading under its 50-day moving average and silver under its 200-day moving average.
Note, the uptrend in gold began in 2001, so its long term uptrend is now in its 11th year.
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