Wednesday, 8 May 2013

2pm update - one more push higher for Gold

Gold is holding gains of $20 so far today, although the sister metal of Silver is struggling to hold evens. GLD has reasonable chance of a further $4/6 upside. The 147/148 level has strong resistance, and a further significant down wave looks likely across June/July.

GLD, daily


Despite many calling a low, it just seems unlikely that some sort of multi-year low is in.

We have a rather clear bear flag/channel on the daily GLD/SLV charts.

Further, on the weekly charts, the declining 10MA is going to be real tough to close above

*I will look to short Silver when GLD 147/148, although that might not be hit for another week or two. There is no hurry on that trade.