Metals pushing higher

Whilst equities saw minor chop, the metals jumped significantly higher at the open, and comfortably held the gains across the day. Gold and Silver climbed 1.7% and 4.3% respectively. Silver is now on the border of the old support floor, whilst Gold is still clearly below it.


GLD, daily

SLV, daily

Summary

Silver appears to be leading the way, and is highly suggestive that a short-term breakout is now underway.

The threat - and it was a serious one, of another collapse wave lower - as based on last weeks price action, is now seemingly OFF the agenda.

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If GLD and SLV can put in a few daily closes above the old busted May/June support floor, then the targets for Sept/Oct are...

GLD 142/147
SLV 25/26
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Despite that outlook, the mid-term targets remain unchanged, with GLD in the 90s, and SLV 12/10.
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