Primary trend remains down, however, at the current rate of increase, a bullish breakout will be seen within the next 2-4 weeks.
GLD, weekly
SLV, weekly
Summary
The metal bugs are starting to get a real justified reason to get a little excited. After a 12 month decline in prices, both Gold and Silver are again attempting to break upward, and outside of the down channel. This down channel - could easily be one giant bullish consolidation flag.
Bullish breakout 'chase it higher' levels are pretty clear...
GLD - 165
SLV - 32
Bulls should look for a good monthly close for August, but we won't really know for sure - whether this up trend is sustainable, until the close of September.
So...for the bulls..some patience is required.
As ever, the actions - or inaction, of the US and European central banks will be pivotal to the metals in the coming weeks. In 2010, the metals soared after Jackson Hole....it will be fascinating to see what happens this time around.
