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PPR - GLD April 27, 2011

GLD is looking as if it will have a pocket pivot in today's trade. Given the fed's stance on quantitative easing, inflation, interest rates, and the dollar, today's positive action in the precious metals comes as no surprise, even though silver put in an intermediate term climax top two days ago.

Keep in mind that some intermediate term climax tops are short lasting, especially in the case of silver on October 7, 2010 or March 24, 2011. This may be another example of an ever so brief pullback, before the uptrend resumes.

Price/volume action is telling us GLD is still in play. SLV will also have a pocket pivot today if it clears 125.9 million shares.

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