Precious metals continue upward

Gold and Silver continue to rally from last weeks lows. Whether that was a multi-month low is yet to be seen. What remains critical is for them to both break their declining resistance, which for GLD and SLV, lay @ 158 and 29 respectively. Primary trend remains downward.


GLD, daily

SLV, daily

Summary

Suffice to say, near term trend is indeed one of a bounce, but until both GLD and SLV break above their fiercely strong declining channel/resistance, they are both still weak.

A failure to break above the resistance will probably lead to yet another severe sell cycle, and take out the lows from summer 2012/11, and right now, that is indeed my best guess.

The next few days will be very interesting to watch.