Monday 19 November 2012

Metals rallying with the broader market

With the main equity indexes rallying 2% today, the precious metals saw some significant gains. However, both Gold and Silver still remain noticeably below their Sept/Oct highs.

GLD, daily

SLV, daily


The daily charts could possibly be displaying an ABC wave'2 bounce formation. Indeed, the price action from last week is now arguably to be seen as a wave B mini bull flag - as confirmed with today's gap higher.

Weekly and monthly charts remain somewhat mixed. We're still a long way below the 2011 precious metal highs, not least Silver.