For all you doubters out there, yes I have out my pompoms on the move in gold and silver this week. You scoffed in March when I said a right shoulder could be formed. Then again chuckled in April and May 3rd but I ask you who's laughing now? Already I'm seeing tweets of a possible H&SB and I'm comfortably long SLV calls, enjoying the sunshine. Scoff all you wish you financial gurus. Charts don't lie; people do.
This daily for GLD and SLV is intriguing, showing both breaking out of falling wedges (they should test support which would be great to get in or add more shares or calls).
Gold seasonal demand doesn't actually kick in until late Summer for festival season in India, unless you're a believer of getting in early. Silver does see some season demand in the Summer due to coin manufacturing BUT these two could also be signalling some fear in the equity market topping. Of course this could also be nothing more than short covering (inflation hedge?) but it is what it is Bull