Friday 8 April 2016

Significant weekly gains

With the US capital market starting to get a little twitchy again, the precious metals caught a renewed fear bid, with Gold and Silver seeing net weekly gains of 1.3% and 1.9% respectively. Near/mid term outlook is bullish, with next upside targets of GLD $125 and SLV $15.60s.


GLD, weekly



SLV, weekly



Summary

Suffice to add, Gold looks especially bullish, having retraced back to the old descending resistance/trend (now support), and is starting to show some renewed upside power.

The Gold bugs just need to see the Feb' high of GLD $122.37 to be broken above, to then offer the 125s - equiv' to spot Gold around the $1300 threshold.

If the world capital markets see renewed upset - which seems inevitable (for any one of a thousand valid reasons), Gold in the $1400/1500s is seemingly probable by late summer/autumn.