Gold catches a strong fear bid

With the SNB deciding they don't wish to fight against the ECB's next QE program, the capital markets were rocked. Not surprisingly, Gold caught a rather huge 'fear bid', the ETF of GLD saw a net daily gain of 2.5% @ 120.88. With a break above the Oct' high... near term trend remains especially bullish.


GLD, daily

Summary

Suffice to say.. a real day of market turmoil.. with Gold catching a classic 'run for safety/fear' bid.
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Despite the Oct' high being broken over... I'm still seeking renewed weakness into the summer/early autumn.

Strong weekly gains

Whilst the broader capital markets saw something of a mixed week, the precious metals saw broad strength. Gold and Silver had net weekly gains of 2.7% and 4.3% respectively. Despite the gains, the broader trend remains very much to the downside.


GLD, weekly

SLV, weekly

Summary

Little to add. One up week does not a broader trend break!
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Holding to primary targets of Gold $1000.... if not the 900/875 zone in late summer of this year.

From there.... seeking a key multi-year floor... before a grand ramp to $2500 by 2019/20

Metals catching the fear bid

With the US and especially, the EU capital markets moderately concerned about a GREXIT, the metals caught a classic fear bid. Gold and Silver settled with net daily gains of 1.5% and 2.7% respectively. Despite the gains.. the metals seem likely to break new multi-year lows within the next few months.


GLD, daily

SLV, daily

Summary

Little to add.... a one day bounce does not breaketh a 3.6 year down trend.  Gold bugs... beware!
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