Midweek weakness

The metals saw the first weakness in over a week, with Gold and Silver seeing net daily declines of -0.9% and -2.8% respectively. Despite the falls, the broader trend remains to the upside, with strong initial support on the 200 day MA.


GLD, daily

SLV, daily

Summary

Not much to add. Metals are seeing a multi-week climb (although not exactly strong for Silver), and we're clearly approaching another key resistance level - the late Oct' high.
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If Gold and Silver slip back under the 200 day MA, that would be a real problem, and suggest the multi-week up wave is complete.

Gold bugs...beware!