Tuesday 19 March 2013

Metals remain surprisingly stable

Gold closed the day moderately higher, Silver closed roughly flat. Overall trading/price volatility is very low right now, and this is somewhat surprisingly considering the Cyprus situation. Near term trend is for slightly higher levels, but massive resistance is looming just a little higher.


GLD, daily



SLV, daily


Summary

Suffice to say, SLV remains especially muted in price. We've seen Silver catch a strong bid on opening gaps lower, but it just can't break above the key 28.50 level.

The low 29s - where there is strong channel resistance is going to be extremely hard to break over in the next few weeks.

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All things considered, I'm guessing the metals will FAIL to put in a few daily closes above key resistance..and will see a severe drop in April/May.