After the typical consolidation period, SLV (Silver ETF) has now cleared the aforementioned resistance level discussed in the previously posted 4-hour chart. Therefore, the next likely target is R1 (first resistance) area as shown on this updated 4 hour chart, roughly the 20.50-20.80 area. Although SLV still has potential for a longer-term trade and I do plan to add additional upside targets, T1 (first target) for the long trade added on June 25th will be 20.25, with additional targets to be added soon.
The GLD 4 hour chart below looks nearly identical with GLD also recently consolidating below the intersecting horizontal & downtrend resistance lines and gapping above both levels today. As with SLV, I think a reaction (consolidation or pullback) is likely. If/when the R1 resistance level is taken out, the next two likely targets/resistance levels are shown as well.
