Eye on Silver and Gold

Gold climbed to a new nominal all-time high in yesterday's aftermarket hours, but has since pulled back. That said, the pullback is orderly and so far appears to be taking the form of a near-term "digestive correction" of the most recent vertical assault from $1730 to $1912.

As long as spot gold holds above $1858/55, the current leg of the underlying longer-term bull trend will retain its integrity, with my next optimal target zone projected into the $1945/85 area -- bullish for SPDR Gold Shares (GLD) holders.

Spot silver hit a new recovery rally peak at $44.28 last evening, but has since pressed lower into the $43.00-$42.50 area within a near-term corrective sequence. As long as $41.60/30 contains any additional weakness, the overall nearest-term upleg in silver off of its Aug 9 low at $39.65 will remain intact and viable, and points to a hurdle of $44.28 on the way to a revisit of the April high zone between $47.60 and $50.00. Bullish, of course, for iShares Silver Trust (SLV) holders.