Well well, I spoke too soon. It looks like MACD is turning upwards again for both precious metals. So, what will the Fed say about QE2? The Fed will speak in a few hours and we'll see what happens then, but from the graph it looks like the market will like what it hears and propel GLD and SLV to new highs. SLV is on a roll gaining 74 cents last Friday, that's a pretty strong move!
The Australian dollar rose to parity against the US dollar today on the basis of the interest rate hikes by the central bank. This brought Gold.ax down to 132.45, a 1.32% fall. Gold.ax is still trading in a range but I suspect will breakout when GLD breaks above 1400 which should occur within the next few months. The strongest season for the precious metals is Nov, Dec and Jan, and this trend should maintain.
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