Important gains for the metals

Whilst the main US markets were a little weak across the week, the precious metals built significant gains. Gold and Silver saw net weekly gains of 1.9% and 3.5% respectively. Near term outlook is bullish, although it will take hugely higher levels to suggest that a key floor is in.


GLD, weekly

SLV, weekly

Summary

Suffice to say... the action in Silver is especially bullish, and (depending on how you draw it), the break of trend that stretches back to the high in May 2011.
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As it is, I still hold to the original outlook. I find it hard to accept that Gold has seen a key floor in the $1180s, and I am still seeking a further multi-month wave lower.

Clearly though, we appear on a new multi-week up wave... that would be greatly 'inspired' if Gold could catch a fear bid - if general upset in the broader market.
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*for now, I have no positions in the metals, but I'd be curious to go LONG silver..if next week, Silver can manage further gains.. especially after the FOMC announcement.