Metals on the edge of support

Another day lower for Gold and Silver. Gold is very close to taking out the GLD 158 level, which opens the door to a further significant drop. Silver is sitting right on the 200 day MA, and is similarly on the edge.


GLD, daily

SLV, daily

Summary

Near term trend is very weak, and I expect at least a brief break of support.

Primary targets are gained via the weekly/monthly charts (not shown)...

suffice to say, the targets are....

GLD 156/55
SLV 29/28

I would be very surprised if we go much below those levels in the next week or two.
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My broader outlook is for a very significant rally into the early summer, with SLV 38/40, and GLD in the 180/85 area.

The 'chase it higher' levels are very clear, which right now, is $31 for SLV, and $162 for GLD.