Primary down trend - remains intact

Despite continued bullish chatter across the web, neither Gold or Silver have broken out of their mid-term down trend. In fact with SLV breaking below $30 on Monday, this week was one of the weakest trading weeks for the precious metals in a few months.


GLD, weekly, 2yr

SLV, weekly, 2yr

Summary

From a MACD (blue bar histogram) perspective, both Gold and Silver are still seeing negative price momentum. There is nothing yet to suggest either metal is about to see a breakout to the upside.

Holding to mid-term bearish targets for Gold and Silver of $1200 and $21 respectively.

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*an update on the monthly cycle will posted in a few days, once we've moved into May!