Friday 7 February 2014

Metals gain, but hold within bear flags

The precious metals saw rather significant gains this week, but remain in what are rather clear multi-month bear flags. Gold and Silver closed with net weekly gains of 1.7% and 4.5% respectively. Near term trend remains mixed, with the broader monthly trends still starkly bearish.

GLD, weekly

SLV, weekly


There really isn't much to note on the metals. Yes, the metals saw sig' gains this week, but in the bigger picture, the price action remains mostly 'mild chop'.

Barring a break above the 200 day MAs - currently GLD 126, and SLV 20.40s, the general direction is still weak.