Thursday 25 April 2013

Precious metals break out of the downtrend

Gold and Silver saw very significant gains of 2.3 and 4.8% respectively today. The gains build upon recent moderate upside, and both metals are now outside of the recent severe downtrend. Near term trend is to the upside, with gaps to fill, and the old support level now resistance.


GLD, daily



SLV, daily


Summary

Suffice to say, the trend is UP in the immediate term. The only issue is where do they get stuck..at the gaps..or at the old support levels?

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