Tuesday 10 April 2012

Metals...still slipping

The two main precious metals are still on the slide.

SLV, weekly


GLD, weekly


Neither of these two charts are good. Both are negative on all indicators. Silver especially is close to a snap-break if $30 fails to hold. Gold is only $40 away from triggering at least a moderate cascade to test $1500 again.
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I can only guess the big metal bulls are very much waiting for the Bernanke to do QE3 this summer. Whether its some kind of MBS purchase scheme, or old-school POMO nonsense...we'll just have to see.

Good wishes for Tuesday trading