Metals catch the safety bid

With the main US equity market on the slide, along with rising bond prices, the precious metals are likely catching the bid on the 'flight to safety'. Gold and Silver closed with net daily gains of 1.0% and 0.9% respectively. There is further upside viable, as long as the market remains weak.


GLD, daily

SLV, daily

Summary

Suffice to say...we're seeing a little strength, but really, in the bigger picture it does nothing to grander trends. Gold and Silver remain old broken support. Silver especially looks weak, and vulnerable to taking out the summer 2013 lows at almost any point.

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GLD has viable upside to the 200 day MA..in the 125/127 zone...but from there..it will probably fail.

Mid term targets remain...

GOLD $1050/950..with SILVER 12/10