Metals sharply higher on Bernanke comments

With both the equity and commodity markets being reassured by Bernanke that QE will continue, Gold and Silver saw significant gains for the fourth consecutive day. Gold closed +$32 (2.7%), with Silver +98 cents (5.3%).


GLD, daily

SLV, daily

Summary

Interestingly, despite the four day ramp, both Gold and Silver remain within what are still very valid large bear flags.

Regardless of the near term price action, weekly/monthly cycle charts remain VERY bearish.

Mid-term downside targets remain unchanged, with GLD 110/100, SLV 15/12.