Metals see moderate gains

The precious metals managed to hold onto moderate gains, with Gold and Silver both closing higher by around 0.5%. Near term trend is rather choppy, but there remains an underlying strongly bearish weekly/monthly down trend.


GLD, daily

SLV, daily

Summary

The metals remain in a rather tight range.

Near term..moderate upside is viable...but there remains very negative price momentum on the bigger weekly/monthly charts.

I hold to my mid-term outlook...

A break of the June lows...with spot Gold prices in the 1050/950 zone...along with SIlver 12/10...sometime in 2014/early 2015.