Metals - the bigger picture

The broad equity and commodity markets saw what was probably the start of a new up cycle today. However, for the metals, the monthly charts are still not encouraging.


GLD, monthly

SLV, monthly

Summary

This month has already been a very significant month for Gold - breaking the rising trend/channel since 2008. Even a bounce of 50/75$ late this May/early June will not negate the primary trend break we have just seen.

Silver remains weaker - as usual, and even a bounce to the 31/32$ would not break the current strong downward trend.

I remain holding to mid term targets of around $1200 and $20 for Gold/Silver respectively.