After holding the 17.90 gap support for 2 days, SLV gapped & stayed below that key support level all day yesterday. While I favor a continued move towards the 17.10 level in the coming days/weeks, the odds for a snapback rally & possible backtest of the 17.90 area is elevated at this time.

SLV daily Aug 24th close

SLV daily Aug 24th close

SIL closed right around the first support/target level while SLV & GLD both closed somewhat above their next support levels. While I still favor more downside in the coming weeks, the odds for a snapback rally are starting to rise at this point.

SIL daily Aug 24th close

SIL daily Aug 24th close

The next key support on GLD comes in around the 125 area, where a reaction is likely before a continued move down towards the 121 area.

GLD daily Aug 24th close

GLD daily Aug 24th close

GDX smashed through the first support level yesterday & close a bit shy of the next support zone.

GDX daily Aug 24th close

GDX daily Aug 24th close