Minor weekly gains for the metals

Whilst the US equity market ended the week on a down note, the precious metals closed significantly higher, However, across the week, Gold and Silver only saw minor net weekly gains of 0.8% and 0.5% respectively. A few more days of a bounce, before renewed downside..probably.


GLD, weekly'2

SLV, weekly'2

Summary

Suffice to say, the gains are probably just part of a small bounce, that will end next week (Wednesday, FOMC minutes?).

The weekly 'rainbow' (Elder Impulse) charts are sporting a second red candle, and this should give those buying the 'metal dip'..some concern.

Broader trend remains to the downside, and the 2013 lows look set to be taken out, the only is whether its this spring...summer...or even as far out as mid 2015.
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Mid-term targets remain Gold 1000/900, with Silver 12/10.