Strong weekly gains for the metals

It was the third consecutive weekly gain for the precious metals. Gold and Silver saw net weekly gains of a very significant 2.9% and 5.8% respectively. Near term outlook is bullish, with the March highs to be challenged.. and likely broken.


GLD, weekly

SLV, weekly

Summary

Silver is leading the way in terms of a 'technical breakout', but Gold is now also following, with a powerful gain of $42 on Thursday.

The March highs look set to be broken this summer, the only issue is how high then?

The big $1500 for spot Gold would be a very natural upside target... and that would likely equate to $24 spot Silver.
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I still hold to broader downside in 2015 though.