Friday, 8 February 2013

1pm update - metals still weak

The metals continue to fail to participate in the broader market rally. Both silver and gold are still holding within a giant bull flag from the highs of sept'2012. Near term downside..likely..before a major late spring ramp.

SLV, daily

GLD, daily


Whilst the indexes remain in melt mode, I thought I'd highlight the metals, which might see further weakness next week - regardless of what the main market does.

First soft target for SLV is 29.75

Weekly charts are suggestive of 28.50

If the USD slips to the 75/74 level, I'd have to believe the metals will see a major ramp, after the current wave ends.