Thursday 13 February 2014

Gold approaching the 200 day MA

The precious metals continue a slow..but consistent climb. Gold is within 1% of testing the key 200 day MA. A weekly close >GLD $127, would be a major achievement for the gold bugs, breaking a dire period that stretches back to Feb' 2013.


GLD, daily


SLV, daily


Summary

*Gold and Silver closed with daily net gains of 0.9% and 1.6% respectively.
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Today was the fifth consecutive daily gain for Gold, the best series of gains since August 2012 (I think).

Silver is still just below old broken support - and lagging (relative to Gold), but looks set to break above within the next few days.

We're almost half way through the month, and barring a latter month reversal, this is starting to bode well for at least another month or two.
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I'm still highly suspicious that Gold will eventually see a lower low in 2015, but, by then, it will be much stronger on the bigger monthly charts.