Precious Metals rise on war talk

After moderate weakness for much of the day, the precious metals battled back higher in the closing hour, as Syria war-talk spooked the US markets. Gold and Silver closed with gains of 0.4% and 1.3% respectively. Near term trend remains clearly to the upside.


GLD, daily

SLV, daily

Summary

The bullish trend continues for the metals, even on a day when equities closed somewhat weak.

Near term targets remain in the GLD 142/45, with SLV 25/26.
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Mid-term targets, GLD 90s, with SLV 12/10.

However, those latter targets are dependent upon no consecutive monthly closes of spot Gold in the $1500s.