This is my Gold Daily chart. I am using it in a sense as a leading indicator for Silver, to evaluate the shorter-term likelihood that Silver is not done correcting, or on the cusp of a new leg higher. What Gold does today and into the first few days of the new year may give us a heads-up on Silver. Gold A close below the support trendline (around $4,300) would be bearish, a close above the key resistance trendline (around $4,400) is bullish, not only for Gold, but also for Silver. Higher and not only will we be tempted to add more SLV calls, but GLD as well. Lower, and taking profits our Jan Silver calls is in order. Jan SLV Calls With this SLV Jan call trading at $16.15, trailing stop is at about $10.00. Silver Any close below $70.50 would be a shot across the bow that Silver has further to go to the downside. So Gold closing below $4,300 and/or Silver closing below $70.50 and profit-taking on our Silver Jan Calls would be in order.
