David Fuller's view Precious metals held up reasonably well during Wall Street's reaction following President Obama's re-election victory. This is consistent with Fullermoney's hypothesis that they are back in an overall accumulation phase, which is likely to be characterised by some volatility but should support mostly higher prices for the next year or more.

Gold (weekly & daily) and silver (weekly & daily) have held up best, reflecting their generally acknowledged status as monetary metals. Gold retained just over 50% of its gains since the reaction low on 5th November and has recovered most of its 6-day setback today. A close beneath $1670 and the MA would now be required to delay scope for a retest of the early-October high and previous peaks near $1800 towards yearend 2012. Volatile silver remains lower relative to its 2011 highs near $50 but has been steady recently, giving up less than half of its gains since the 5th November low and surging higher today. A close beneath $32 is now required to delay scope for an additional rally towards its early-October highs before yearend 2012.

Platinum (weekly & daily) and palladium (weekly & daily) are lagging but at least forming what appear to be higher lows within their current ranges. Palladium is outperforming with today's upward dynamic and a close beneath $620 is required to delay a further recovery towards the September high near $706. For platinum, a close beneath $1530 would delay current prospects for a rally towards the October high near $1735 in coming weeks.

See also last Wednesday's lead item: Precious metals show a cyclical improvement within the secular uptrend.