Still stuck under old support

Despite a pretty strong set of gains, the precious metals remain stuck under the old - and rather important, broken support. Gold and Silver closed with net daily gains of 2.2% and 1.1% respectively. Near term risk of a breakout, but weekly/monthly charts argue against it.


GLD, daily

SLV, daily

Summary

For those gold bugs getting overly excited out there, I can only refer them (not posted today), the bigger weekly/monthly charts.

Even if the metals stop broadly falling, it is going to take until early 2015 for underlying price momentum to battle back to flat..from what are extremely negative levels.
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mid-term targets remain unchanged...

GOLD 1050/950
SILVER, 12/10