As of today and with NYMEX Gold having rallied to 1455 before...

As of today and with NYMEX Gold having rallied to 1455 before settling back to 1449; this is what the chart for SLR looks like relative to the performance of NYMEX Gold:



SLR's price tends to lag the POG and to exaggerate its action - currently there is a disconnect between the two and the gap is a huge one. Something similar, though far less serious, happened from April 6th to June 6th, 2011.

Although NYMEX Gold has bounced; there is still a long way to go back to the 1520 support level it fell through and which may now become a TA resistance level.

The horizontal line from 1.2.10 at 84c represents the low SLR set before rallying strongly for some 7 months to about $2.69 on 27.9.10 [trebling the SP]. If the fall continues it may represent an entry point for some buyers.