Weak Precious Metals

Despite the equity market rallying, - including WTIC Oil, the precious metals are failing to follow. Today was just another day of general weakness for both Gold and Silver, which both closed lower by 0.3%. However, near term price action is offering a bullish wedge/pennant on GLD


GLD, 60min

SLV, 60min

Summary

A somewhat frustrating day for those long the metals - which includes yours truly.

The metals opened weak..and traded in a rather tight range all day.
--

GLD is offering a slightly bullish near term outlook, with a bullish wedge on the hourly chart. SLV does not offer the same.
--

Underlying MACD (blue bar histogram) on the hourly charts IS suggestive that the sell side action is exhausted, at least for a few days.

Yet, how high might we go ?

Targets: GLD 158
SLV: 29

If we see the metals get to those levels, then it will be the do or die situation. If the metals get stuck and can't break over key declining resistance, then a major collapse wave across April/May looks very feasible.

Critical days ahead.