Metals trying to cope with Taper'2

With the Fed launching QE-taper'2, the precious metals were highly vulnerable, but managed to hold reasonable gains. Gold and Silver higher by 1.1% and 0.9% respectively. Near term remains moderately bullish, with Gold holding around old broken support.


GLD, daily

SLV, daily

Summary

Opening gains for the metals, but then moderate chop across the day. Price action is still not offering a clear break to the upside..above old broken support - now resistance.

Indeed, Silver/SLV closed with a black-fail candle, and that doesn't exactly bode well for Thursday.
--