GLD (gold etf) is now approaching a back-test of the recent broken uptrend line which was/is my upper-most target for the initial rally following the 60-min bullish falling wedge breakout on Dec 12th. Odds favor a pullback to at least the 120 level over the next week or so.

GLD daily Dec 22nd

GLD daily Dec 22nd

SLV appears to have a little more upside potential to around the 15.58 area before the first decent pullback since the Dec 12th low. Simply put, while the intermediate & longer-term outlook for the precious metals & miners remains bullish, the odds for a decent pullback in the coming days to weeks is elevated at this time. Active traders might consider booking profits or raising stops while longer-term trend traders & investors might hold off on adding exposure to the metals or miners until the next objective entry.

SLV daily Dec 22nd

SLV daily Dec 22nd

While the intermediate & longer-term outlook for PPLT (platinum ETF) remains bullish, the odds for a reaction soon are increasing as PPLT approaches this trendline from below for the 1st backtest since the breakdown in early December.

PPLT daily Dec 22nd

PPLT daily Dec 22nd