Metals battling higher

The precious metals continue their multi-week up wave, with Gold and Silver managing somewhat significant daily net gains of 1.0% and 1.9% respectively. Near term outlook is bullish, with another $35/40 of upside viable for Gold in the immediate term.


GLD, daily

SLV, daily

Summary

* It is especially interesting that the old Silver/Gold ratio of gains/losses is back. Typically, Silver will move 1.5/2.0x the Gold change. For some months that has not been the case, but that seems to have returned.
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Certainly, today's gains negate all of the Wednesday drop, and price structure on the daily cycles is a bull flag. There is clear upside of another 3% or so.
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Best guess, Gold gets stuck in the 1400s this spring, before another multi-month decline into mid 2015.