A second week of significant gains

The metals closed the week somewhat mixed, but across the week, Gold and Silver both saw net gains of around 2.8%. Near term trend remains bullish, and a further 7-10% higher is viable across the next month or two. Mid-term trend remains bearish, baring spot gold prices breaking and holding $1500.


GLD, weekly

SLV, weekly

Summary

So..a second week of gains for the precious metals of almost 3%, which is pretty impressive.

Near term outlook is indeed somewhat bullish, and if the FOMC do confirm no QE-taper until 2014 (seemingly now a certainty), then metals - along with the broader equity/commodity markets, should rally into November.
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Mid-term downside targets for 2014/early 2015 remain GLD in the 105/95, with SLV 12/10