Wednesday 14 May 2014

Metals remain stuck under the 50 dma

Despite a day of rather significant gains, Gold and Silver remain stuck under the 50 day MA. This was especially the case for Silver, which put in a clear failure, via a black daily candle. Gold and Silver saw net daily gains of 0.9% and 1.3% respectively.


GLD, daily


SLV, daily


Summary

Today's gains do little to alter the broader outlook, and unless we see considerably higher levels, I simply can't take today's gains seriously.
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I have little interest in trading the metals, but will merely seek to get involved - on the long side, if Gold falls to the $1000/900s..with Silver in the low teens.