Primary down trend - remains intact

Despite continued bullish chatter across the web, neither Gold or Silver have broken out of their mid-term down trend. In fact with SLV breaking below $30 on Monday, this week was one of the weakest trading weeks for the precious metals in a few months.


GLD, weekly, 2yr

SLV, weekly, 2yr

Summary

From a MACD (blue bar histogram) perspective, both Gold and Silver are still seeing negative price momentum. There is nothing yet to suggest either metal is about to see a breakout to the upside.

Holding to mid-term bearish targets for Gold and Silver of $1200 and $21 respectively.

--
*an update on the monthly cycle will posted in a few days, once we've moved into May!

Gold...minor breakout to the upside

Gold rose around $14 today, and is now outside of the strong down channel that has lasted since the infamous $100 one day fall in late February.


GLD, daily

SLV, daily

Summary

Gold has clearly broken out of the 8 week down channel on the daily cycle. Silver may well make a similar move this Friday - so that's something to watch for.

However, the bigger trends are still down, only significantly higher prices would potentially change the mid-term down trend..See previous posts detailing weekly/monthly cycles for key levels.

FOMC briefly upsets Gold & Silver

The FOMC lunchtime press release caused a brief strong sell off in both Gold and Silver. Once again, even on a day when the main market was up, the metals failed to participate.


SLV, daily

GLD, daily

Summary

Another day when Gold was stronger than Silver, and where Silver still closed lower - despite a latter day recovery. The broader trends remain downward, and I will cover my thoughts on what I believe are significant falls due within the next few months - this coming weekend.

Good wishes.