Thursday 2 January 2014

A bounce to start the year

The precious metals are desperately trying to hold above the June lows, and started the year with a marginally interesting bounce. Gold and Silver settled with daily gains of 1.7% and 2.7% respectively. Near term trend remains weak though.


GLD, daily


SLV, daily


Summary

Baring a few daily closes above GLD 122, today's bounce is just that..another bounce..of which we have seen a hundred or so, since the peak in spring 2011.

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spot metal targets remain: GOLD 1050/950, SILVER, 12/10.