Metals slip back

The precious metals saw rather significant declines develop across the day, with Gold and Silver closing lower by 1.7% and 1.5% respectively. Despite the declines, the broader trend remains to the upside, although both metals are sitting just below old broken support..now resistance.


GLD'60min

SLV'60min

Summary

On an hourly cycle, the precious metals looks floored. Considering the bigger weekly cycles have broken to the upside, I have to guess todays declines was just a natural pull back.

Underlying MACD (blue bar histogram) cycle is very low, and the metals look set for upside across Thurs/Friday.

Near term (3-5 week) 'best bull case' targets are GLD 145/147...with SLV 25/26