Metals choppy on more Fed-speak

The precious metals closed moderately lower, but earlier surged after the latest FOMC minutes were released. Gold and Silver both closed around 0.25% lower. Near term trend remains bullish, with targets of GLD into the 140s, and SLV to 24/26.


GLD, daily

SLV, daily

Summary

The main US markets remain somewhat shaky, on the thought of QE being cut.

This is certainly a bigger mid/long term problem for the metals, but in the near term, metals are still comfortably climbing.

Targets look pretty clear..GLD 140s...and SLV 24/26 zone.
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Mid-term trend remains to the downside though - especially supported on the hugely important monthly charts, with Gold in the $900s, and Silver in the 12/10.

Of course, such downside talk is heresy to the 'gold bugs'. So be it.