SLV (silver ETF or /SI, silver futures) has just hit the first price target where the odds for a reaction are elevated. Consider booking partial or full profits and/or raising stops, depending on your trading plan. Previous (Friday’s) & updated 60-minute charts below.
SLV 60m Aug 18th
SLV 60m Aug 22nd
As of now, I’d give about equal odds on whether SLV can continue up towards that downtrend line or if it will reverse here & go on to take out the recent lows. If so, that could set up another objective long entry with the recent divergence extended. As such, my preference would be to either book the quick profits here or raise stops to somewhat below current levels to protect gains while still allowing for the potential for more upside, should silver power through this resistance level. Ditto for gold & GDX.