The most conspicuous aspect to the enclosed daily iShares Silver Trust (SLV) and SPDR Gold Shares (GLD) patterns is the relative lack of near-term resistance in the latter compared to the former.

Purely from a technical perspective, the GLD has hurdled key near-term resistance at 164.70 and should be on its way to filling the down-gap area created on Sep 22-23 up to the 169 area. Let's also notice that the GLD is trading above its rising 200 DMA, and above all but its declining 50 DMA shorter-term MA's.

Meanwhile, the SLV has much more serious resistance headwinds between its near-term upside breakout plateau at 32.00 and 33.80.

Right now, gold is leading, silver following.

 

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.