GLD, weekly
SLV, weekly
Summary
Yes, the daily and even weekly charts look extremely oversold, and yes there is the very real likelihood of a near term bounce, but lets be clear...
The PRIMARY trend remains down.
Even more critical to keep in mind is the key issue that with key support broken - with the very natural snap lower, the original down trend has indeed been solidified to a large extent.
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I have to now believe that the metals will probably decline for the next few years, and perhaps level out in late 2015/early 2016.
What is bizarre is seeing members of the gold bug community tout this as a buying opportunity, at the very point when the down trend has broken key support..and thus confirming underlying critical weakness.
Despite the fanaticism out there to 'buy before supplies run out', gold and silver look set for much lower levels in the months ahead.
