Powerful weekly gains

With capital markets rocked by the SNB decoupling from the Euro, the precious metals caught a strong 'fear bid'. Gold and Silver saw powerful net weekly gains of 4.5% and 7.4% respectively. With the break above the October high, near term outlook is bullish.


GLD, weekly

SLV, weekly

Summary

With increasingly upset markets, the metals are catching a strong bid.
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Despite a second net weekly gain, I still can't take the gains seriously. The precious metals have seen many rallies across the last four years.. and all have ended the same.. with renewed weakness.

To me, it makes little sense for $1130 to be a key cycle low. It still seems more probable than not, for the market to wash out the $1000 trading stops... with a capitulation low in the 900/875 zone. The latter still seems viable by late summer/early autumn.