Gold breaks out

With the main equity market seeing significant weakness, the metals soared. Gold and Silver closed higher by 2% and 5% respectively. Gold has now followed Silver in clearing the old broken support. Further upside looks likely into September.


GLD'daily

SLV'daily

Summary

Silver and Gold are simply continuing higher, with very significant upside viable. Whether its a result of higher bond yields, a 'flight to safety', or purely on a 'technical retracement' basis, the metals look set to rally for a few more weeks.

Targets

GLD 142/47
SLV 25/26