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