A quiet week for the precious metals

After the drama of FOMC week, the precious metals saw very narrow price action. Across the week, Gold and Silver saw net weekly changes of +0.8% and -0.2% respectively. Weekly charts are offering a renewed wave higher, although the daily charts are offering a rather bearish H/S formation.


GLD, weekly

SLV, weekly

Summary

So...a rather quiet week for the precious metals. There were slight gains into the weekend, arguably due to a fear-trade, with a possible temporary US Govt' shutdown - although that still seems rather unlikely.

The daily and weekly charts are somewhat contradictory. Near term daily charts are offering a rather bearish large H/S formation, which would be offering significant downside, even beneath the June lows...this coming Oct/Nov.

Weekly charts are offering the possibility of another multi-week wave higher, and the big $1500 gold level would be a very obvious target (an equivalent Silver target would be around $26).

Regardless of the action in the coming few months, I'm resigned to much lower levels in 2014/15.
--
Mid-term targets remain unchanged, with GLD in the 90s, and SLV 12/10.