Slight gains across the week

Gold and Silver managed slight gains across the week, but closed well below their highs, with gains of 2% and 1% respectively. Silver actually made a new low, whilst Gold just managed to hold the low of mid April. Near term trend looks weak, but with risk of a moderate bounce.


GLD, weekly2, rainbow

SLV, weekly2, rainbow

Summary

One notable aspect was that both Gold and Silver managed a blue candle on the weekly rainbow charts. Underlying MACD (green bar histogram) cycle ticked higher - although still deep in negative territory, and there looks to be viable moderate upside across the next few weeks.

However, the declining weekly 10MA has proved to be massive resistance since Nov'2012. Right now, that is GLD 143 and SLV 24s, and is set to keep falling for the next few weeks, even if actual Gold/Silver prices can rally a little.

Best case upside is possibly the second price gap of GLD 148, and that might equate to SLV in the low 25s.

Generally though, the monthly charts are warning of much lower levels across 2013, and indeed..into 2014/15