You may be right about the retest.
The SLR chart is still OK - at least in the medium term. The falling trend is still dominant.
Gold has held the current USD price level for more than 2 weeks and has varied around $20 since the 16th. SLR is a victim of a regulation shakeout.
A lot of negative articles but very few calls for a much lower gold price which is rather peculiar.
My trading chart shows SLR sitting firmly on support though was close to breaking today.
If SLR had held around $1.62 then a future breakout would have been easier to achieve. As it is buyers may be somewhat exhausted by the time SLR hits resistance.
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My short term chart clearly shows SLR in a down trend once support was taken out. This is a capitulation rather than a down trend as there has been no test of resistance.
Closing market pop suggests a low could be in. Closing closer to the high for the day rather than the low. Been wrong before and could be again.
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SLR Chart, page-855
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