Friday 23 August 2013

Metals continuing to gain

Whilst equities saw weakness for much of the week, the precious metals saw further gains. Gold and Silver closed with net weekly gains of 1.7% and 3.6% respectively. Near term trend looks strong, with a further 5-7% upside into September.


GLD,weekly


SLV, weekly


Summary

*I've added a fib-retrace, assuming the recent down wave ran from Oct'2012, to the June 2013 lows.

Well, another pretty strong week for the metals, certainly, relative to the main US equity markets which remain weak.
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Near term targets look to be GLD 142/145, and SLV 24/25

Despite the current recent strong gains, I'm still guessing this is merely a bounce, like Aug-October of last year.

Mid-term targets remain:  GLD in the 90s..and SLV 12/10.