Metals begin the week positively

Whilst the main US markets remain concerned about the continuing US Govt. shutdown - and associated debt ceiling issue, the precious metals managed some interesting gains. Gold and Silver closed with daily gains of 0.9% and 2.9% respectively. Mid-term trend remains to the downside.


GLD, daily

SLV, daily

Summary

The metals have started the week on a particularly positive note, but they are still very much holding within near term down channels, and until we see a few daily closes above declining resistance, the metals are vulnerable to snap lower - as has been the case repeatedly in the past few weeks.
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Underlying MACD (blue bar histogram) is ticking higher, and the metals are set to go positive cycle with a bullish cross tomorrow/early Wednesday.

A failure for the metals to power higher across this week will bode for another wave lower.

Near term targets:  GLD 122,  SLV 20,  those would be declines of around 3/5% respectively.