/SI silver futures hit the intersecting 24.573 + uptrend line target with the typical brief momentum-fueled overshoot followed by a bounce back to the 26.417 resistance level so far in the pre-market session today. Although this bounce back to the 26.417 offers an objective re-entry, add-on, or new short entry, I’d give about equal odds of the next leg down starting from here or after one last thrust up towards the 27.370 resistance level/former target. As such, one strategy would be to begin scaling (back) into a short position here & up to but not much beyond the 27.370 resistance level.
SI 60m Aug 12th
As with /SI silver, /GC gold offers an objective re-entry, add-on, or new short entry on this snapback rally into the 1951.60 former support/target, now resistance level although I’d put nearly equal odds of additional upside back towards the 1997 former target/resistance before the next leg down to my 1844-1815ish target zone.
GC 60m Aug 12th
For swing traders that prefer ETFs over futures, potential bounce targets/objective short entries, re-entries, or add-ons to a short on GLD would be anywhere from the bottom to the top of yesterday’s gap which put in an Island Cluster top. Although those are objective short entry points, the next sell signal to come on a break below the uptrend line + 179ish gap support. GLD daily chart below.
GLD daily Aug 12th
The 60-minute chart of SLV (silver ETF) below also lists some objective shorting levels and potential price targets as well.
SLV 60m Aug 12th