Thursday 17 October 2013

Metals jump higher on a weak USD

Today's closing gains for Gold and Silver were very impressive,although not entirely surprising. With a very weak US Dollar (-1.0%), the metals are being pushed higher. Gold and Silver closed with daily net gains of 3.1% and 2.6% respectively.


GLD, weekly



SLV, weekly


Summary

Today's gains are kinda interesting, not least in that they open up the small possibility of another multi-week wave higher into Dec/Jan'2014.

Regardless of any such bounce, lower lows still seem very likely next year.