Significant gains to start the week

Gold and Silver prices continued to see general upside, both with net daily gains of around 1.0%. The near term outlook remains bullish, with Silver putting in the sixth consecutive daily close above the important 200 day MA.


GLD, daily

SLV, daily

Summary

Not much to add. Clearly, near term trend is bullish, but there are multiple huge resistance walls just overhead.

Many are calling a key multi-year floor in the metals. As it is, I find that hard to believe, and I continue to seek an eventual floor in Gold around the big $1000 threshold.