A fifth week higher for Gold

Whilst the equity market saw a rough end to the week, Gold saw continued gains. Gold and Silver closed the week with a net weekly change of  +1.1% and -1.8% respectively. This was the fifth week higher for Gold, and is the most consistent up trend since Aug/Sept 2012.


GLD, weekly

SLV, weekly

Summary

Suffice to say...another week higher for Gold. More importantly, Gold closed just above old broken support on the daily cycle (not shown).

As for the decline in Silver.., well, its more vulnerable to broader market weakness, and Gold is certainly going to benefit more as a 'safe haven' trade.
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There is bigger resistance around GLD 125/130..and indeed...it won't be easy to go much higher than that this spring.
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mid term targets remain..GOLD 1050/950..SILVER 12/10.