Thursday 26 April 2012

Gold...minor breakout to the upside

Gold rose around $14 today, and is now outside of the strong down channel that has lasted since the infamous $100 one day fall in late February.


GLD, daily



SLV, daily


Summary

Gold has clearly broken out of the 8 week down channel on the daily cycle. Silver may well make a similar move this Friday - so that's something to watch for.

However, the bigger trends are still down, only significantly higher prices would potentially change the mid-term down trend..See previous posts detailing weekly/monthly cycles for key levels.