The German team remain consistently bearish in tone although their stated short and medium term judgements are neutral. They remain long term bullish on both gold and silver.
They have indicated today that according to their model should 1713 break today 1693 to 1697 should come into play with the 200 day moving average at 1663 in line of sight of being tested.
For Silver a bounce off the 31.6 level remains probable in their view.
I’ve taken some heat on my precious metal positions. The P&L remains strongly positive and price has entered a buying zone from a short term perspective. Priced in euros and pounds today the precious metals barely moved in price. On a longer basis, the last few weeks correction move is a mere 35% retracement of the recent bull trend. Its a long way therefore from being directionally counter trend conclusive. The gold miners HUI index having been so weak in until recently is now strongly bid even as other correlating instruments and sectors fall. Individual issues like AEM seem incapable of falling at present. The technical picture remains a classic bull flag pattern which appears primed to provide a positive signal on any bounce in correlating instruments.
Without delay, here the report
http://www.capitalsynthesis.tech/wp-content/uploads/2012/10/BullionWeeklyTech-23102012.html
Rich
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