Metals begin the week a touch higher

After opening declines, and minor chop for most of the day, both Gold and Silver closed a touch higher. Recent price action suggest a short term floor is in, and a challenge of the 50/200 day MAs looks very viable.


GLD, daily

SLV, daily

Summary

Suffice to say, there does seem at least a very short term floor now built for the metals - and Oil too.

Near term targets...

SLV, 29.50/30.00
GLD, 158/161

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Underlying MACD (blue bar histogram) cycle is now positive, and there is a very viable 3-5 days higher yet to come.

However, there is now SEVERE resistance from both the 50/200 day MAs, and also the declining resistance - that has been holding prices since Sept'2012.

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*I hold SLV overnight into Tuesday, and seeking the low 29s later this week.