Moderate weekly gains for the metals

The precious metals saw moderate gains across the week. Considering the gains in the main equity indexes, and the continued weakness in the US dollar, Gold and Silver are arguably under-performing. It would still seem a fifth wave lower is due in the coming few weeks, before a major wave higher into the early summer.


GLD, weekly2, rainbow

SLV, weekly2, rainbow

Summary

We can see what are clear bull flags - stretching back from the Sept'2012 highs.

A break over the upper channel will confirm the flag, and I'd expect this to occur no later than March.

First though, I'm still seeking a final fifth wave lower - see SLV chart for a rough count of what I'm expecting.


Targets for late spring/early summer 2013

SLV downside to 29, possible 27s..before a major move higher to 38/40
GLD, downside to 157/154..before a major move higher to 180/185