Thus far, the action in the precious metals and miners (miners have slightly outperformed) has been termed a stabilization process by bulls, and a weak attempt at a rally by bears.
According to the market, the arguments for both sides have merit, which is why we are looking at a stalemate for now.
The good news for us with no bias is that we have defined levels to observe as long and short triggers.
I am looking at a move down through $21.50 to trigger another SLV slide lower on this ETF for a sharp leg down.
On the upside, a move through $22.20 likely sets in motion a 10% rally, at least.
Remember, the metals and miners are all in established downtrends on daily and weekly charts. You simply cannot discount another painful leg lower.
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