Friday 25 April 2014

Minor weekly gains

The precious metals saw minor weekly net gains, having reversed from an early Thursday morning low. Across the week, Gold and Silver saw net gains of 0.6% and 0.3% respectively. Despite the gains, the broader trend remains to the downside.

GLD, weekly

SLV, weekly


Suffice to say, this week could merely be a pause week, before the next major weekly decline.

The FOMC look set to announce QE-taper'4 next Wednesday afternoon, and frankly, I'd be rather surprised if the metals don't see another major smack down.

Weekly MACD cycles look prone to going negative cycle - with a bearish MACD cross next week, and if the metal bulls can't break the recent highs.... a big down wave looks very probable.