Chart Of The Day, UUP, GLD and SLV

Since my last post, UUP bought the 92-96 echo and then instantly sold but, as I said before, the things are not as bearish as the signals might suggest, on the contrary. Viewed together with the daily chart and the chart of GLD and SLV, UUP looks bullish for now. If the upcoming 16-20 sell cannot stop a new 92-96 buy the UUP will break out and start a new uptrend. The bearish case requires a 35-39 sell before the 92-96 buy.

 Looking at the daily chart shows that the bearish scenario seems less probable for now because it will need the price to cross the 200 days MAV. 

To give the whole picture I'll throw in the weekly chart of UUP, which still looks bearish because of the strong resistance around $25.4-25.6. In the SKI charts that resistance is represented by the 218-222 echo. So, if the 218-222 buys the whole picture turns bullish on all time frames and rally to $27 could be expected.

GLD
While UUP is on the verge of breaking out the GLD is in an opposite position. Nothing has been broken yet but a 35-39 buy would be a sign of relief while a 92-96 sell would definitely mark a breakdown. The worrisome thing would be the price target for such a breakdown which would be around $150 (gold equivalent of $1600).

GLD weekly chart corroborates $1600 as the target if gold breaks down. 

SLV
SLV appears like it has already broken down. The first target $21, the next $19. To negate this setup SLV needs an urgent rise to over $23.29.