Its Tuesday..so the metals must be down

Another day...another lousy day for Gold and Silver. The weekly and monthly cycles are really hammering both metals lower almost every day. A severe 'snap' still seems likely, so the bigger/harder falls appear still yet to come.


GLD, weekly, 2yr

SLV, weekly, 2yr

Summary

Trend remains down...the 'low-end' targets for late summer 2012 remain somewhere around $1200 and $20. Eventual lows could be even lower though, much will depend on when/if the Bernanke decides to initiate QE3.