Precious metals moderately higher

Whilst the US equity market closed the week at new highs, the precious metals saw a choppy week. Earlier declines were recovered, with Gold and Silver closing the week 0.8 and 0.65% higher respectively. There is still huge overhead old broken support to retake.


GLD, weekly2, rainbow

SLV, weekly2, rainbow

Summary

The weekly minor gains for the precious metals are kinda interesting, but until old support is retaken, the primary trend is still downward.

Underlying MACD (green bar histogram) cycle is now ticking higher for both, but its still deeply in negative territory. On any basis, its like to be another 4-6 weeks before the metals are back to a positive cycle.
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Copper saw a VERY significant Friday gain of 6%, and this is one very important aspect to keep focused on. If Copper has floored in the low $3s, then are we looking a new multi-month up cycle across the summer?


Obvious targets in the near term - both at the weekly 10MA (still declining)

GLD - 148
SLV - 26

Both look feasible in the very near term, but what really matters are weekly/monthly closes above those levels. That will be...difficult.