Thursday 19 June 2014

Metals break powerfully higher

The precious metals have broken out of the mid term down trend, with a powerful break to the upside. Gold and Silver saw net daily gains of a very significant 3.4% and 4.6% respectively. Near term outlook is very bullish, and the March highs look set to be challenged soon.


GLD, daily


SLV, daily


Summary

A clean break out of the down trend for Gold -  having followed Silver, and we're set for much higher levels in the near term. Both gains were made on very heavy trading volume.

I'd expect the March highs will be broken.
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However, to be clear, I am still looking for much lower levels into 2015. In the bigger picture, nothing has changed in my view.