Monday 14 May 2012

Yet another rough day for Gold/Silver

A new week, and those metals are off to another nasty start. Both Gold and Silver suffered further significant losses. Gold is clearly in an accelerated down trend, and Silver looks like it is following too.


GLD, daily



SLV, daily


Summary

There is nothing in the near term to support any consistent multi-week bounce. Both the weekly and monthly cycles are warning of a major snap lower -something which not that many are forecasting.

The summer 2012 outlook for Gold and Silver remains $1400 and $25 respectively 'minimum' targets.....but they could go as low as $1200 / $20, if the main market weakens to around sp'1150/00.